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Iris Energy Limited Ordinary Shares (symbol: IREN) is a standout in the data center and Bitcoin mining industry, dedicated to leveraging renewable energy for high-performance computing applications. Based in Sydney, Australia, IREN focuses on building, owning, and operating state-of-the-art data centers and electrical infrastructure powered exclusively by renewable energy sources.
Core Business
The company's primary operation revolves around Bitcoin mining, generating revenue by earning Bitcoin through block rewards and transaction fees. Their specialized computers, known as Application-specific Integrated Circuits (ASICs), are critical for these mining activities. IREN then exchanges the earned Bitcoin for currencies like USD or CAD.
Recent Achievements
- Record Growth: IREN recently surpassed its 10 EH/s milestone ahead of schedule and is on track to expand to 30 EH/s by the end of 2024.
- AI Cloud Services: The company has expanded its AI cloud services agreement with poolside, increasing its NVIDIA H100 GPU cluster size significantly. This partnership showcases the robust performance and reliability of IREN's AI technology stack.
- Financial Performance: IREN reported record revenue and Adjusted EBITDA for the third quarter of FY24, with $47.9 million in operating cashflow.
Current Projects and Expansion
IREN's expansion plans are well underway, with the company aiming to increase its data center capacity to 510MW by the end of 2024. The Childress site has been pivotal in this growth, with innovative substation designs boosting capacity. Additionally, the company is exploring further growth options to achieve 40 EH/s by mid-2025.
Partnerships and Collaborations
IREN has solidified its position in the industry through strategic partnerships. Notably, its collaboration with Bitmain for the latest-generation S21 Pro miner has positioned IREN as one of the most efficient Bitcoin miners, with an overall nameplate fleet efficiency of 16 J/TH.
Financial Condition
As of April 30, 2024, IREN had $321.5 million in cash and no debt facilities, providing a strong financial foundation for its ambitious expansion plans. The company continues to explore various funding opportunities, including equity, corporate debt, and equipment financing, to support its growth objectives.
Additional Services
Beyond Bitcoin mining, IREN's data centers support a range of high-performance computing applications, such as artificial intelligence, machine learning, genomics research, and more. This diversification not only enhances revenue streams but also underscores the company's commitment to innovation and sustainability.
Conclusion
Iris Energy Limited is at the forefront of integrating renewable energy with cutting-edge technology to drive the future of Bitcoin mining and beyond. With a clear pathway to industry leadership, IREN is set to make significant strides in both financial performance and technological advancements.
IREN released its October 2024 investor update highlighting significant operational progress. The company's Bitcoin mining revenue increased 32% to $28.2m, with 439 BTC mined at an average operating hashrate of 19.9 EH/s. AI Cloud Services generated $1.0m in revenue with a 197% hardware profit margin. The company is expanding its infrastructure with 1,080 NVIDIA H200 GPUs being commissioned and preparations for Blackwell GPUs. The Childress data center expansion continues with a 1.4GW site target energization moved to April 2026. IREN maintains ongoing discussions with hyperscalers regarding various monetization structures.
Iris Energy (NASDAQ: IREN) has provided a business update highlighting the growth of its AI Cloud Services division and progress on its 1.4GW data center project. The AI operations are expected to generate approximately $32 million in annualized hardware profit by the end of December 2024, contributing about 10% to overall earnings. IREN's current fleet of 816 NVIDIA H100 GPUs is nearing full utilization, with plans to commission an additional 1,080 NVIDIA H200 GPUs in Q4 2024.
The company has accelerated the target energization date for its 1.4GW substation in West Texas to April 2026, earlier than the original October 2026 date. IREN has engaged an EPC contractor for substation infrastructure development and is procuring key electrical items. The company has also expanded its landholding to over 1,300 acres and is planning for both Bitcoin mining and HPC/AI pathways.
IREN (NASDAQ: IREN) released its September 2024 investor update, highlighting significant progress in Bitcoin mining and AI Cloud Services. Key achievements include:
1. Bitcoin Mining: 347 Bitcoin mined at $23.6k electricity cost per Bitcoin, with 21 EH/s installed capacity and plans for 31 EH/s by Q4 2024.
2. AI Cloud Services: 1,896 NVIDIA H100 & H200 GPUs deployed, expected to contribute ~10% to run-rate earnings by year-end.
3. Data Centers: 360MW operating, with plans for 510MW by end of 2024.
4. Financial Performance: Bitcoin mining revenue increased 42% to $21.4m, with a 21% reduction in electricity cost per Bitcoin to $23.6k.
5. Expansion: Additional 1,080 NVIDIA H200 GPUs purchased for Q4 2024 delivery, supporting $32m illustrative annualized hardware profit.
Iris Energy (NASDAQ: IREN) has announced reaching a significant milestone of 20 EH/s installed capacity ahead of schedule. The company expects to further increase this to 21 EH/s in the coming days through optimization of existing data center infrastructure. IREN is on track to achieve 31 EH/s in Q4 2024, with construction of Childress Phase 3 (150MW) well underway and approximately 430 people mobilized on site.
Previously purchased Bitmain S21 XP miners (13.5 J/TH) are scheduled for shipping over the next two months as part of the expansion. At 31 EH/s (15 J/TH efficiency), IREN projects $20k electricity cost and $30k all-in cash cost per Bitcoin mined. The company is progressing towards industry leadership with ongoing construction at Childress Phase 2 and 3.
Iris Energy (NASDAQ: IREN) has announced the purchase of 1,080 NVIDIA H200 GPUs for $43.9 million to expand its AI Cloud Services business. This acquisition is expected to increase the AI Cloud Services proportion of IREN's earnings to approximately 10% by year-end, with further growth anticipated through 2025.
Key points:
- IREN's GPU fleet will increase to 1,896 NVIDIA H100 & H200 GPUs
- Estimated annualized hardware profit of $32 million
- Bitcoin mining capacity to expand to 30 EH/s by Q4 2024
- AI Cloud Services expected to contribute ~10% to run-rate earnings by end of 2024
- Illustrative economics show $33m revenue and $32m hardware profit for AI Cloud Services, compared to $460m revenue and $304m hardware profit for Bitcoin Mining
IREN, a leading data center business, released its August 2024 investor update. Key highlights include:
- Bitcoin Mining: 245 Bitcoin mined, 16 EH/s installed, targeting 20 EH/s in September and 30 EH/s in Q4 2024.
- Data Centers: 300MW operating, aiming for 510MW in 2024.
- AI Cloud Services: 816 NVIDIA H100 GPUs servicing multiple customers.
- Financial Performance: Mining revenue of $14.99 million, with electricity costs reduced to $29,958 per Bitcoin.
- Expansion Plans: Pathway to 50 EH/s in 2025 secured, ongoing construction at Childress facility.
- Corporate: $405 million cash, no debt. Ongoing monetization discussions and colocation opportunities.
IREN (Iris Energy ) reported its full year FY24 results, showcasing significant growth. Key highlights include:
- Record Adjusted EBITDA of $54.7 million, compared to $1.4 million in FY23
- Bitcoin mining revenue of $184.1 million, up from $75.5 million in FY23
- 4,191 Bitcoin mined, an increase from 3,259 in FY23
- AI Cloud Services revenue of $3.1 million
- Operating cash inflow of $52.7 million, up from $6.0 million in FY23
- Cash and cash equivalents of $404.6 million as of June 30, 2024
IREN is on track to achieve 30 EH/s in 2024, with 15 EH/s currently installed. The company secured 10.5 EH/s of latest-generation Bitmain S21 XP miners and is expanding its AI Cloud Services with 816 NVIDIA H100 GPUs.
IREN (NASDAQ: IREN), a leading next-generation data center business, has announced its plans to release financial results for the full year ended June 30, 2024, on Wednesday, August 28, 2024. The company will host a conference call at 5:00 p.m. New York time on the same day.
IREN's business focuses on three main areas:
- Bitcoin Mining: Providing security to the Bitcoin network, with plans to expand to 30 EH/s in 2024
- AI Cloud Services: Offering cloud compute to AI customers with 816 NVIDIA H100 GPUs
- Next-Generation Data Centers: Operating 260MW of data centers, expanding to 510MW in 2024
The company operates on 100% renewable energy and has a development portfolio of 2,310MW secured power capacity across North America.
IREN, a leading next-generation data center business, released its July 2024 investor update. Key highlights include:
- Bitcoin Mining: 222 Bitcoin mined, 10.5 EH/s installed, with plans to reach 20 EH/s in 3Q and 30 EH/s in 4Q
- AI Cloud Services: 816 NVIDIA H100 GPUs servicing multiple customers
- Data Centers: 260MW operating, 510MW planned for 2024; Childress power capacity increased from 600MW to 750MW
- Corporate: Morgan Stanley appointed as financial advisor
The company faced challenges with planned outages and miner performance issues, resulting in increased electricity costs. AI Cloud Services revenue grew by 17% compared to June. IREN is on track with its 2024 expansion plans and is exploring monetization opportunities in the AI data center market.
IREN (Iris Energy ) has secured an additional 150MW of immediately available power capacity at its Childress site, increasing its total secured grid-connected power capacity to 2,310MW. This expansion follows ERCOT's approval of network studies and the execution of an amended connection agreement with AEP.
The company's power capacity outlook now stands at:
- 2024: 910MW immediately available, with 510MW of data centers planned (30 EH/s)
- 2025: 910MW of data centers planned
- 2026: 1,400MW West Texas site on schedule
- 2027-2030: >1GW of additional development pipeline
IREN operates in Bitcoin mining, AI cloud services, and next-generation data centers, utilizing 100% renewable energy sources.
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