IREN capacity increased to 40 EH/s
IREN has announced a significant milestone in its Bitcoin mining expansion, reaching 40 EH/s of installed self-mining capacity, up from 37 EH/s. The increase comes from commissioning additional mining hardware within its Childress Phase 4 (150MW) data centers, achieving 15 J/TH efficiency.
The company remains on track to achieve its target of 50 EH/s in H1 2025. This expansion positions IREN as one of the largest scale, lowest-cost Bitcoin producers, leveraging best-in-class fleet efficiency and low electricity costs.
IREN ha annunciato un traguardo importante nella sua espansione nel mining di Bitcoin, raggiungendo una capacità di auto-mining installata di 40 EH/s, in aumento rispetto ai 37 EH/s precedenti. L'incremento deriva dall'attivazione di ulteriori hardware di mining all'interno dei data center Childress Fase 4 (150MW), con un'efficienza di 15 J/TH.
L'azienda resta in linea per raggiungere l'obiettivo di 50 EH/s nella prima metà del 2025. Questa espansione posiziona IREN tra i produttori di Bitcoin su larga scala con i costi più bassi, sfruttando un'efficienza di flotta di prim'ordine e costi energetici contenuti.
IREN ha anunciado un hito importante en su expansión de minería de Bitcoin, alcanzando una capacidad instalada de auto-minería de 40 EH/s, desde los 37 EH/s anteriores. El aumento proviene de la puesta en marcha de hardware adicional de minería en sus centros de datos Childress Fase 4 (150MW), logrando una eficiencia de 15 J/TH.
La compañía mantiene el rumbo para alcanzar su objetivo de 50 EH/s en la primera mitad de 2025. Esta expansión posiciona a IREN como uno de los productores de Bitcoin a gran escala con los costos más bajos, aprovechando una eficiencia de flota de primera clase y bajos costos eléctricos.
IREN은 비트코인 채굴 확장에서 중요한 이정표를 발표하며, 설치된 자체 채굴 용량이 기존 37 EH/s에서 40 EH/s로 증가했다고 밝혔습니다. 이 증가는 15 J/TH 효율을 달성한 Childress 4단계(150MW) 데이터 센터 내 추가 채굴 하드웨어 가동에서 비롯되었습니다.
회사는 2025년 상반기까지 50 EH/s 목표 달성을 계속해서 추진 중입니다. 이번 확장은 IREN을 대규모이면서도 비용이 가장 낮은 비트코인 생산업체 중 하나로 자리매김하게 하며, 최고 수준의 플릿 효율성과 저렴한 전기 요금을 활용합니다.
IREN a annoncé une étape importante dans l'expansion de son exploitation minière de Bitcoin, atteignant une capacité d'auto-minage installée de 40 EH/s, en hausse par rapport à 37 EH/s. Cette augmentation provient de la mise en service de matériel minier supplémentaire dans ses centres de données Childress Phase 4 (150MW), atteignant une efficacité de 15 J/TH.
L'entreprise reste en bonne voie pour atteindre son objectif de 50 EH/s au premier semestre 2025. Cette expansion positionne IREN comme l'un des producteurs de Bitcoin à grande échelle les plus rentables, tirant parti d'une efficacité de flotte de premier ordre et de faibles coûts d'électricité.
IREN hat einen bedeutenden Meilenstein bei der Erweiterung seines Bitcoin-Minings bekannt gegeben und eine installierte Eigen-Mining-Kapazität von 40 EH/s erreicht, nach zuvor 37 EH/s. Die Steigerung resultiert aus der Inbetriebnahme zusätzlicher Mining-Hardware in den Childress Phase 4 (150MW) Rechenzentren mit einer Effizienz von 15 J/TH.
Das Unternehmen bleibt auf Kurs, sein Ziel von 50 EH/s im ersten Halbjahr 2025 zu erreichen. Diese Expansion positioniert IREN als einen der größten und kostengünstigsten Bitcoin-Produzenten, indem es erstklassige Flotteneffizienz und niedrige Stromkosten nutzt.
- Increased mining capacity to 40 EH/s from 37 EH/s
- Achieved 15 J/TH efficiency in operations
- On track for 50 EH/s expansion target in H1 2025
- Operating with low electricity costs
- None.
Insights
IREN's expansion to 40 EH/s represents an 8.1% increase from their previous 37 EH/s capacity, strengthening their competitive position in the Bitcoin mining landscape. This hashrate expansion at their Childress facility is particularly significant when viewed against industry benchmarks—IREN now controls approximately 5-6% of Bitcoin's global hashrate, enhancing their block production capabilities.
The company's focus on high-efficiency miners (15 J/TH) is noteworthy as it directly impacts their operational margins. This efficiency level places them among the top-tier of mining operations globally, where each joule of energy consumption translates to lower overall production costs. Their claim of being one of the "lowest-cost producers" is substantiated by this technical specification, as energy efficiency is the primary determinant of mining economics.
What's particularly valuable about this expansion is the timing—increasing computational capacity ahead of the next Bitcoin halving positions IREN to capture maximum block rewards while they remain at current levels. Their continued execution toward the 50 EH/s target by H1 2025 demonstrates operational discipline and supply chain management capabilities in an industry where hardware procurement can often become a bottleneck.
The expansion also signals confidence in their electricity procurement strategy, as hashrate expansion is only valuable when paired with cost-effective power. This capacity increase suggests IREN has successfully navigated both the hardware and energy components required for profitable mining operations at scale.
The commissioning of additional mining hardware within the Childress Phase 4 (150MW) data centers highlights IREN's ability to efficiently scale infrastructure. The 150MW capacity of Phase 4 represents substantial power infrastructure development, which is significant because power availability is typically the limiting constraint in mining expansion plans.
The successful deployment within this facility demonstrates effective infrastructure planning—from securing grid connections to implementing the necessary cooling systems required for high-density computing operations. For mining operations, the speed of deployment is crucial as delays directly impact revenue generation. IREN's ability to commission this capacity on schedule indicates strong project management capabilities.
What separates successful mining operators from struggling ones is often their infrastructure development expertise. IREN's expansion pathway from 37 EH/s to their target of 50 EH/s requires precise coordination between power capacity buildout, data center construction, and mining hardware deployment. The current milestone suggests they've developed replicable models for scaling their technical infrastructure.
The company's mention of "best-in-class fleet efficiency" paired with "low electricity costs" points to optimized data center design. Mining facilities must balance capital expenditure against operational efficiency, and IREN appears to have found an effective formula that allows them to maintain competitive advantage as they scale. This infrastructure expertise becomes increasingly valuable as more players enter the mining space, making efficient deployment a key differentiator in market positioning.
Expansion to 50 EH/s on track for H1 2025
SYDNEY, April 16, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN”), today provided an update on its Bitcoin mining expansion.
“We’re proud to have reached 40 EH/s, marking yet another significant step toward our 50 EH/s target,” said Daniel Roberts, IREN Co-Founder and Co-CEO.
“The site team’s rapid expansion of data center capacity at Childress coupled with our best-in-class fleet efficiency and low electricity costs has positioned IREN as one of the largest scale, lowest-cost producers of Bitcoin. We expect to maintain this momentum as we continue to scale mining capacity towards 50 EH/s over the coming months.”
IREN has increased its installed self-mining capacity from 37 EH/s to 40 EH/s (15 J/TH efficiency), following the commissioning of additional mining hardware within its Childress Phase 4 (150MW) data centers.
The Company remains well-positioned to achieve 50 EH/s in H1 2025.
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 IREN’s future financial or operating performance. For example, forward-looking statements include but are not limited to IREN’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 expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to be materially different from any future results performance or achievements expressed or implied by the forward looking statements, including, but not limited to: Bitcoin price and foreign currency exchange rate fluctuations; IREN’s ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet its capital needs and facilitate its expansion plans; the terms of any future financing or any refinancing, restructuring or modification to the terms of any future financing, which could require IREN to comply with onerous covenants or restrictions, and its ability to service its debt obligations, any of which could restrict its business operations and adversely impact its financial condition, cash flows and results of operations; IREN’s ability to successfully execute on its growth strategies and operating plans, including its ability to continue to develop its existing data center sites, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high performance computing (“HPC”) solutions it may offer (including the market for cloud services (“AI Cloud Services”) and potential colocation services); IREN’s limited experience with respect to new markets it has entered or may seek to enter, including the market for HPC solutions (including AI Cloud Services and potential colocation services); expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network and any current and future HPC solutions (including AI Cloud Services and potential colocation services) that IREN offers; IREN’s ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to its strategy to expand into markets for HPC solutions (including AI Cloud Services and potential colocation services); IREN’s ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of its HPC solutions (including AI Cloud Services and potential colocation services) and other counterparties; the risk that any current or future customers, including customers of its HPC solutions (including AI Cloud Services and potential colocation services), or other counterparties may terminate, default on or underperform their contractual obligations; Bitcoin global hashrate fluctuations; IREN’s ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all; delays associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects; IREN’s reliance on power and utilities providers, third party mining pools, exchanges, banks, insurance providers and its ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; IREN’s participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity supply available to IREN; any variance between the actual operating performance of IREN’s miner hardware achieved compared to the nameplate performance including hashrate; IREN’s ability to curtail its electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken by electricity network and market operators, regulators, governments or communities in the regions in which IREN operates; the availability, suitability, reliability and cost of internet connections at IREN’s facilities; IREN’s ability to secure additional hardware, including hardware for Bitcoin mining and any current or future HPC solutions (including AI Cloud Services and potential colocation services) it offers, on commercially reasonable terms or at all, and any delays or reductions in the supply of such hardware or increases in the cost of procuring such hardware; expectations with respect to the useful life and obsolescence of hardware, including hardware for Bitcoin mining and any current or future HPC solutions (including AI Cloud Services and potential colocation services) IREN offers; delays, increases in costs or reductions in the supply of equipment used in our operations including tariffs and certain equipment in high demand due to global supply chain constraints; changing political and geopolitical conditions, including changing international trade policies and the implementation of wide-ranging, reciprocal and retaliatory tariffs and trade restrictions; IREN’s ability to operate in an evolving regulatory environment; IREN’s ability to successfully operate and maintain its property and infrastructure; reliability and performance of IREN’s infrastructure compared to expectations; malicious attacks on IREN’s property, infrastructure or IT systems; IREN’s ability to maintain in good standing the operating and other permits and licenses required for its operations and business; IREN’s ability to obtain, maintain, protect and enforce its intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends IREN expects to drive growth in its business materialize to the degree it expects them to, or at all; any pending or future acquisitions, dispositions, joint ventures or other strategic transactions; the occurrence of any environmental, health and safety incidents at IREN’s sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to IREN’s property and infrastructure and the risk that any insurance IREN maintains may not fully cover all potential exposures; ongoing proceedings relating to the default by two of IREN’s wholly-owned special purpose vehicles under limited recourse equipment financing facilities; ongoing securities litigation relating in part to the default, and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom; IREN's failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions; any failure of IREN's compliance and risk management methods; any laws, regulations and ethical standards that may relate to IREN’s business, including those that relate to Bitcoin and the Bitcoin mining industry and those that relate to any other services it offers, including laws and regulations related to data privacy, cybersecurity and the storage, use or processing of information and consumer laws; IREN’s ability to attract, motivate and retain senior management and qualified employees; increased risks to IREN’s global operations including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes, among other things; climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect IREN’s business, financial condition and results of operations; public health crises, including an outbreak of an infectious disease and any governmental or industry measures taken in response; IREN’s ability to remain competitive in dynamic and rapidly evolving industries; damage to IREN’s brand and reputation; IREN’s ability to remediate its existing material weakness and to establish and maintain an effective system of internal controls; the increased regulatory and compliance costs of IREN ceasing to be a foreign private issuer and an emerging growth company, as a result of which it will be required, among other things, to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC commencing with its next fiscal year, and it will also be required to prepare its financial statements in accordance with U.S. GAAP rather than IFRS, and to modify certain of its policies to comply with corporate governance practices required of a U.S. domestic issuer; that IREN does not currently pay any cash dividends on its ordinary shares, and may not in the foreseeable future and, accordingly, the ability to achieve a return on an investment in its ordinary shares will depend on appreciation, if any, in the price of its ordinary shares; and other important factors discussed under the caption “Risk Factors” in IREN’s annual report on Form 20-F filed with the SEC on August 28, 2024 as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https://investors.iren.com.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this investor update. Any forward-looking statement that IREN makes in this investor update speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
About IREN
IREN is a leading data center business powering the future of Bitcoin, AI and beyond utilizing
- Bitcoin Mining: providing security to the Bitcoin network, expanding to 52 EH/s in 2025. Operations since 2019.
- AI Cloud Services: providing cloud compute to AI customers, 1,896 NVIDIA H100 & H200 GPUs. Operations since 2024.
- Next-Generation Data Centers: 660MW of operating data centers, expanding to 910MW in 2025. Specifically designed and purpose-built infrastructure for high-performance and power-dense computing applications.
- Technology: technology stack for performance optimization of AI Cloud Services and Bitcoin Mining operations.
- Development Portfolio: 2,910MW of grid-connected power secured across North America, >2,000 acre property portfolio and multi-gigawatt development pipeline.
100% Renewable Energy (from clean or renewable energy sources or through the purchase of RECs): targets sites with low-cost & underutilized renewable energy, and supports electrical grids and local communities.
Contacts
| Media Gillian Roberts Aircover Communications +1 818 395 2948 gillian.roberts@aircoverpr.com Jon Snowball Sodali & Co +61 477 946 068 +61 423 136 761 | Investors Mike Power IREN mike.power@iren.com |
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FAQ
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