IREN - Iris Energy Secures Pathway to 20 EH/s in 2024 Via Miner Purchase Option | Benzinga
SYDNEY, Australia, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ:IREN) (together with its subsidiaries, "Iris Energy" or "the Company"), a leading owner and operator of institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy, today announced it is has entered into an agreement with Bitmain Technologies Delaware Limited ("Bitmain") which provides a pathway to increase its self-mining capacity up to 20 EH/s in 2024.
Key Highlights
- Immediate focus on completing current expansion to 10 EH/s
- 10 EH/s of new Bitmain T21 miners secured for 2024 at a fixed price of $14/TH1:
- 1 EH/s additional purchase to initiate growth beyond 10 EH/s
- 9 EH/s of miner purchase options exercisable in H2 2024
- Childress project can support expansion to 20 EH/s by end of the year
With current operating capacity of 5.6 EH/s, the Company is now purchasing a total of 5.3 EH/s2 from Bitmain, with options to purchase up to an additional 9.1 EH/s3 at a price of $14/TH in H2 2024.
If the miner purchase options are exercised in full, overall fleet efficiency for 20 EH/s would improve to 21.9 J/TH.
Company operating capacity:
- Current: 5.6 EH/s
- H1 2024: 10 EH/s
- *H2 2024: 20 EH/s (Childress Phase 2-3, +200MW)
* Subject to exercise of miner purchase options.
Decisions with respect to exercising all, some or none of the miner purchase options will be made during 2024, taking into consideration market conditions, shareholder value and funding availability.
In addition, the Company retains flexibility to utilize miner purchase options for purposes of upgrading some or all of its existing fleet.
About Iris Energy
Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.
- 100% renewables: Iris Energy targets sites with low-cost, under-utilized renewable energy, and supports local communities
- Long-term security over infrastructure, land and power supply: Iris Energy builds, owns and operates its electrical infrastructure and proprietary data centers, providing long-term security and operational control over its assets
- Seasoned management team: Iris Energy's team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers with cumulative experience in delivering >$25bn in energy and infrastructure projects globally
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iris Energy's future financial or operating performance. For example, forward-looking statements include but are not limited to the Company's business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "target", "will," "estimate," "predict," "potential," "continue," "scheduled" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statements or information that refer to ...