SYDNEY, Australia, Oct. 06, 2023 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries, “Iris Energy” or “the Company”), a leading owner and operator of institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy, today announced it is increasing its self-mining capacity by 25% from 5.6 EH/s to 7.0 EH/s.
Key Highlights
Acquisition of 1.4 EH/s of latest-generation Bitmain S21 minersSelf-mining capacity increasing by 25% to 7.0 EH/sLeading 17.5 J/TH efficiency to improve resilience post-halving$19.6 million purchase price ($14/TH)1 – $2.9 million deferred until one year after shipmentExpected to be installed at the Company’s site in Childress, TexasNear-term expansion increased to 9.4 EH/s2
Iris Energy has partnered with Bitmain Technologies Delaware Limited (“Bitmain”) to acquire approximately 7,000 latest-generation Bitmain S21 miners. Shipping is scheduled for early 2024, increasing the Company’s self-mining capacity from 5.6 EH/s to 7.0 EH/s – an increase of 25%.
Bitmain’s S21 miners exhibit industry-leading efficiency (at 17.5 J/TH), thereby increasing:
fleet resilience post-halving;capital efficiency of data centers (increased revenue per data center); andupside to Bitcoin (higher hashrate per data center than previously anticipated).
$16.7 million ($11.9/TH) of the purchase price will be paid prior to shipment. The remaining 15% of the purchase price (~$2.9 million or $2.1/TH) is deferred until one year after shipment.
The purchase is expected to be funded from existing capital sources, including cash in bank (~$64 million, no debt)3, operating cash flow and other recently disclosed funding programs (as applicable).
The Company’s 80MW expansion at Childress remains on track, with data centers expected to be delivered progressively from early 2024.
The Company is now targeting near-term expansion in potential operating capacity of up to 9.4 EH/s (previously 9.1 EH/s)2 and continues to monitor the market for additional hardware acquisition opportunities.
#CryptoNews #cryptocurrency
Key Highlights
Acquisition of 1.4 EH/s of latest-generation Bitmain S21 minersSelf-mining capacity increasing by 25% to 7.0 EH/sLeading 17.5 J/TH efficiency to improve resilience post-halving$19.6 million purchase price ($14/TH)1 – $2.9 million deferred until one year after shipmentExpected to be installed at the Company’s site in Childress, TexasNear-term expansion increased to 9.4 EH/s2
Iris Energy has partnered with Bitmain Technologies Delaware Limited (“Bitmain”) to acquire approximately 7,000 latest-generation Bitmain S21 miners. Shipping is scheduled for early 2024, increasing the Company’s self-mining capacity from 5.6 EH/s to 7.0 EH/s – an increase of 25%.
Bitmain’s S21 miners exhibit industry-leading efficiency (at 17.5 J/TH), thereby increasing:
fleet resilience post-halving;capital efficiency of data centers (increased revenue per data center); andupside to Bitcoin (higher hashrate per data center than previously anticipated).
$16.7 million ($11.9/TH) of the purchase price will be paid prior to shipment. The remaining 15% of the purchase price (~$2.9 million or $2.1/TH) is deferred until one year after shipment.
The purchase is expected to be funded from existing capital sources, including cash in bank (~$64 million, no debt)3, operating cash flow and other recently disclosed funding programs (as applicable).
The Company’s 80MW expansion at Childress remains on track, with data centers expected to be delivered progressively from early 2024.
The Company is now targeting near-term expansion in potential operating capacity of up to 9.4 EH/s (previously 9.1 EH/s)2 and continues to monitor the market for additional hardware acquisition opportunities.
#CryptoNews #cryptocurrency
