Bitcoin miner and high-performance computing (HPC) firm Iris Energy Limited has secured 10 exahash per second (EH/s) of Bitmain’s S21 XP Antminers, positioning the bitcoin mining company to reach 30 EH/s by the end of 2024.
Iris Energy Expands Mining Capacity and AI Cloud Services
Iris Energy Limited (Nasdaq: IREN) reported record financial results for the fiscal year ending June 30, 2024, with notable improvements across several metrics. The company achieved a record adjusted EBITDA of $54.7 million, a substantial increase from $1.4 million in the previous year.
This growth was driven by a surge in bitcoin mining revenue, which reached $184.1 million, up from $75.5 million in fiscal year 2023. The increase in revenue is attributed to an expanded operating hashrate and favorable bitcoin prices. In its operational highlights, Iris Energy further revealed that it had increased its self-mining capacity from 5.6 EH/s to 10 EH/s during the fiscal year.
The company’s transition to spot pricing for electricity in August 2024 is expected to optimize its power costs, further enhancing profitability. Iris Energy’s recent purchase of 10.5 EH/s of Bitmain S21 XP Antminers supports its goal of achieving 30 EH/s by the end of 2024, with the first shipments scheduled for October and November.
Iris secured the miners at a purchase price of $21.5 per terahash, with 20% of the payment deferred until nine months after shipping. Looking ahead, Iris Energy is not only focusing on bitcoin (BTC) mining but is also continuing to explore opportunities in the artificial intelligence (AI) cloud services market. The company has secured 816 Nvidia H100 GPUs to expand its AI offerings, generating $3.1 million in revenue in FY24.
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