SYDNEY, Australia, March 06, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (NASDAQ:IREN) (together with its subsidiaries, "IREN" or "the Company"), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today published a monthly investor update for February 2024.
Key Highlights
Bitcoin Mining | AI Cloud Services |
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Data Centers | Corporate |
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Key Metrics
Bitcoin Mining1 | Feb-24 | Jan-24 | Dec-23 |
Average operating hashrate (PH/s) | 6,299 | 5,642 | 5,576 |
Renewable energy usage (MW)2 | 174 | 163 | 161 |
Bitcoin mined | 310 | 341 | 399 |
Mining revenue (US$'000) | 15,212 | 14,466 | 17,174 |
Electricity costs (US$'000)3 | 6,241 | 6,376 | 5,926 |
Revenue per Bitcoin (US$) | 49,134 | 42,436 | 43,056 |
Electricity cost per Bitcoin (US$) | 20,158 | 18,705 | 14,858 |
Bitcoin Mining
February operations
- Operating hashrate increased to 7 EH/s (Feb 29, 2024)
- Monthly mining revenue increased to $15.2m primarily due to higher average hashrate of 6.3 EH/s and higher Bitcoin price of $49.1k
Expansion to 20 EH/s in 2024
- H1 2024 (10 EH/s) - 7 EH/s installed, remaining 3 EH/s to be commissioned
- H2 2024 (20 EH/s) - 10 EH/s of new miners secured via fixed price contracts4, single site expansion at Childress
AI Cloud Services
GPU cloud service contract signed
- Contract secured with leading AI company, poolside, following rigorous customer testing requirements
- Initial 3-month term and extension option for an additional 3-months at the customer's election
- Additional customer conversations ongoing
Tripling AI cloud services business
- Fast-tracking AI cloud services business to 816 NVIDIA H100 GPUs with the purchase of 568 additional GPUs
- Delivery and commissioning of additional GPUs expected during Q2 2024
- Financing workstreams underway to support growth
IREN's Prince George NVIDIA H100 cluster
Data Centers
Construction update
- Childress Phase 1 (first 100MW)
- Supports expansion to 10 EH/s in H1 2024
- 60MW energized, 40MW to be commissioned in the coming months
- Childress Phases 2 & 3 (next 200MW)
- Supports expansion to 20 EH/s in H2 2024
- Site civils & procurement underway. Phase 2 substation construction to commence this month
Childress Phase 1 (100 MW) construction progress
Data Center | Capacity (MW) | Capacity (EH/s) 5 | Timing | Status |
Canal Flats (BC, Canada) | 30 | 0.8 | Complete | Operating |
Mackenzie (BC, Canada) | 80 | 2.6 | Complete | Operating |
Prince George (BC, Canada) | 50 | 1.6 | Complete | Operating |
Childress Phase 1 (Texas, USA) |