Iris Energy Increases Operating Capacity to >3.7 EH/s

Rhea-AI Summary

Iris Energy has boosted its Bitcoin mining capacity to over 3.7 EH/s, marking a significant increase of more than 60% from previous levels. The company has fully commissioned its Prince George site, contributing 1.4 EH/s to the total capacity. Following recent expansions, it anticipates reaching 4.7 EH/s soon with plans for further growth to 6.0 EH/s by 2023. This progress highlights Iris Energy's commitment to renewable energy and operational efficiency in Bitcoin mining.

Positive

• Increased operating capacity to over 3.7 EH/s.
• Successful commissioning of the Prince George site on schedule.
• Plans to expand capacity to 4.7 EH/s and 6.0 EH/s by 2023.

Negative

• None.

Iris Energy Increases Operating Capacity to >3.7 EH/s

Prince George (50MW) Fully Commissioned on Schedule

Additional Near Term Expansion to 4.7 EH/s

Deployment pathway to 6.0 EH/s

SYDNEY, Australia, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the Company”), a leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy, today announced it has increased its operating capacity to exceed 3.7 EH/s.

The full energization of 1.4 EH/s (50MW) at Prince George, BC (Canada) was on schedule and marks delivery of the Company’s third operating site, increasing the Company’s operating capacity by >60% to 3.7 EH/s.

This follows the recent full energization of 1.5 EH/s (50MW) at the Company’s second operating site in Mackenzie, BC (Canada) less than two months ago. Phase three expansion of a further 1.0 EH/s (30MW) at Mackenzie also remains on track to be energized by the end of Q4 2022, increasing the Company’s expected near-term operating capacity to 4.7 EH/s.

As previously announced, an initial 1.3 EH/s (40MW) development is currently planned at Childress, Texas (USA), to reach total expected Company operating capacity of 6.0 EH/s in 2023.

Iris Energy’s Co-Founder & Co-CEO, Daniel Roberts, said:

“The successful energization of Prince George is another major milestone for Iris Energy. We are particularly pleased to continue our track record of delivering major projects either on or ahead of schedule, and look forward to further expansion of our operating capacity in the months ahead. We would like to congratulate and thank the Prince George construction team for their fantastic work on a job well done and also welcome a number of new local hires to the permanent operations team.”

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 markets with low-cost, under-utilized renewable energy, and where the Company can support 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 expected increase in the Company’s power capacity and operating capacity, the Company’s business plan, the Company’s capital raising plans, the Company’s anticipated capital expenditures and additional borrowings, the impact of discussions with Bitmain regarding the Company’s hardware purchase contract for additional miners, and the expected schedule for hardware deliveries and for commencing and/or expanding operations at the Company’s sites. 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 Iris Energy’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: Iris Energy’s limited operating history with operating losses; electricity outage, limitation of electricity supply or increase in electricity costs; long term outage or limitation of the internet connection at Iris Energy’s sites; any critical failure of key electrical or data center equipment; serial defects or underperformance with respect to Iris Energy’s equipment; failure of suppliers to perform under the relevant supply contracts for equipment that has already been procured which may delay Iris Energy’s expansion plans; supply chain and logistics issues for Iris Energy or Iris Energy’s suppliers; cancellation or withdrawal of required operating and other permits and licenses; customary risks in developing greenfield infrastructure projects; Iris Energy’s evolving business model and strategy; Iris Energy’s ability to successfully manage its growth; Iris Energy’s ability to raise additional financing (whether because of the conditions of the markets, Iris Energy’s financial condition or otherwise) on a timely basis, or at all, which could adversely impact the Company’s ability to meet its capital commitments (including payments due under its hardware purchase contracts with Bitmain) and the Company’s growth plans; Iris Energy’s failure to make certain payments due under any one of its hardware purchase contracts with Bitmain on a timely basis could result in liquidated damages, claims for specific performance or other claims against Iris Energy, any of which could result in a loss of all or a portion of any prepayments or deposits made under the relevant contract or other liabilities in respect of the relevant contract, and could also result in Iris Energy not receiving certain discounts under the relevant contract or receiving the relevant hardware at all, any of which could adversely impact its business, operating expansion plans, financial condition, cash flows and results of operations; the terms of any additional financing, which could be less favorable or require Iris Energy to comply with more onerous covenants or restrictions, any of which could restrict its business operations and adversely impact its financial condition, cash flows and results of operations; competition; Bitcoin prices, which could adversely impact its financial condition, cash flows and results of operations, as well as its ability to raise additional financing; risks related to health pandemics including those of COVID-19; changes in regulation of digital assets; and other important factors discussed under the caption “Risk Factors” in Iris Energy’s annual report on Form 20-F filed with the SEC on September 13, 2022, 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 Iris Energy’s website at https://investors.irisenergy.co.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Iris Energy makes in this press release speaks only as of the date of such statement. Except as required by law, Iris Energy 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.

Contacts

Media
Jon Snowball
Domestique
+61 477 946 068

Investors
Bom Shin
Iris Energy
+61 411 376 332
bom.shin@irisenergy.co 

To keep updated on Iris Energy’s news releases and SEC filings, please subscribe to email alerts at https://investors.irisenergy.co/ir-resources/email-alerts.

FAQ

What is the current operating capacity of Iris Energy (IREN)?

Iris Energy's current operating capacity exceeds 3.7 EH/s.

When will Iris Energy reach its target of 6.0 EH/s?

Iris Energy aims to achieve a total operating capacity of 6.0 EH/s by 2023.

What milestone did Iris Energy achieve with the Prince George site?

Iris Energy successfully fully commissioned the Prince George site, adding 1.4 EH/s.

How much has Iris Energy increased its capacity recently?

Iris Energy has increased its capacity by more than 60% with the recent expansions.