IREN (Iris Energy Limited) (NASDAQ: IREN) (together with its
subsidiaries, “IREN” or “the Company”), a leading next-generation
data center business powering the future of Bitcoin, AI and beyond,
today published a monthly investor update for February 2024.
Key Highlights
Bitcoin
Mining |
AI Cloud
Services |
- 310 Bitcoin mined in February
- Record operating hashrate of 7
EH/s
- 20 EH/s expansion in 2024
|
- Contract signed with poolside AI
- Expansion to 816 NVIDIA H100 GPUs
|
Data
Centers |
Corporate |
- Expanding to 460MW in 2024
|
- Rebrand from Iris Energy to IREN
- Second quarter results released
|
Key Metrics
Bitcoin Mining1 |
Feb-24 |
Jan-24 |
Dec-23 |
Average operating hashrate (PH/s) |
6,299 |
5,642 |
5,576 |
Renewable energy usage
(MW)2 |
174 |
163 |
161 |
Bitcoin mined |
310 |
341 |
399 |
Mining revenue (US$'000) |
15,212 |
14,466 |
17,174 |
Electricity costs
(US$'000)3 |
6,241 |
6,376 |
5,926 |
Revenue per Bitcoin (US$) |
49,134 |
42,436 |
43,056 |
Electricity cost per Bitcoin (US$) |
20,158 |
18,705 |
14,858 |
Bitcoin Mining
February operations
- Operating hashrate increased to 7 EH/s (Feb 29, 2024)
- Monthly mining revenue increased to $15.2m primarily due to
higher average hashrate of 6.3 EH/s and higher Bitcoin price of
$49.1k
Expansion to 20 EH/s in 2024
- H1 2024 (10 EH/s) - 7 EH/s installed, remaining 3 EH/s to be
commissioned
- H2 2024 (20 EH/s) - 10 EH/s of new miners secured via fixed
price contracts4, single site expansion at Childress
AI Cloud Services
GPU cloud service contract signed
- Contract secured with leading AI company, poolside, following
rigorous customer testing requirements
- Initial 3-month term and extension option for an additional
3-months at the customer's election
- Additional customer conversations ongoing
Tripling AI cloud services business
- Fast-tracking AI cloud services business to 816 NVIDIA H100
GPUs with the purchase of 568 additional GPUs
- Delivery and commissioning of additional GPUs expected during
Q2 2024
- Financing workstreams underway to support growth
IREN's Prince George NVIDIA H100 cluster
Data Centers
Construction update
- Childress Phase 1 (first 100MW)
- Supports expansion to 10 EH/s in H1 2024
- 60MW energized, 40MW to be commissioned in the coming
months
- Childress Phases 2 & 3 (next 200MW)
- Supports expansion to 20 EH/s in H2 2024
- Site civils & procurement underway. Phase 2 substation
construction to commence this month
Childress Phase 1 (100 MW) construction progress
Data Center |
Capacity(MW) |
Capacity (EH/s)
5 |
Timing |
Status |
Canal Flats (BC, Canada) |
30 |
0.8 |
Complete |
Operating |
Mackenzie (BC, Canada) |
80 |
2.6 |
Complete |
Operating |
Prince George (BC, Canada) |
50 |
1.6 |
Complete |
Operating |
Childress Phase 1 (Texas, USA) |
60 |
2.0 |
Complete |
Operating |
Total Operating |
220 |
7.0 |
|
|
Childress Phase 1 (Texas, USA) |
40 |
3.06 |
H1 2024 |
Under construction |
Childress Phase 2-3 (Texas USA) |
200 |
10.07 |
H2 2024 |
Under construction |
Total Operating & Construction |
460 |
20.0 |
|
|
Childress Phase 4-6 (Texas, USA) |
300 |
|
TBD |
Power available |
Development Site (Texas, USA) |
1,400 |
|
Late 2026 |
Connection underway |
Total Capacity |
2,160 |
|
|
|
Corporate
Rebrand from Iris Energy to IREN
- Official name change to IREN, to
better reflect our expanding next-generation data center
business
- Same business. Same goals.
Different name.
Second Quarter FY24 Financial
Results
- On February 15, 2024, IREN reported
financial results for the 3 and 6 months ended December 31,
2023
- The earnings webcast and
accompanying investor presentation are available here
Upcoming events
- 36th Annual ROTH Conference (March
17 - 19, 2024)
- NVIDIA GTC (March 18 - 21,
2024)
- Bitcoin Alive
(March 23, 2024)
Times Square, February 16, 2024
Contacts
MediaJon Snowball Domestique +61 477 946
068Danielle GhiglieraAircover Communications+1 510 333 2707 |
InvestorsLincoln Tan IREN+61 407 423 395
lincoln.tan@iren.com |
To keep updated on IREN’s news releases and SEC
filings, please subscribe to email alerts at
https://iren.com/investor/ir-resources/email-alerts.
Forward-Looking Statements
This investor update 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 the Company’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; 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 and
its ability to diversify into the market for High Performance
Computing ("HPC") solutions; IREN’s limited experience with respect
to new markets it has entered or may seek to enter, including the
market for HPC solutions; expectations with respect to the ongoing
profitability, viability, operability, security, popularity and
public perceptions of the Bitcoin network; expectations with
respect to the profitability, viability, operability, security,
popularity and public perceptions of any HPC solutions 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 HPC solutions; IREN’s ability to
manage counterparty risk (including credit risk) associated with
any current or future customers and other counterparties; IREN’s
ability to secure renewable energy, renewable energy certificates,
power capacity, facilities and sites on commercially reasonable
terms or at all; the risk that any current or future customers or
counterparties may terminate, default on or underperform their
contractual obligations; Bitcoin global hashrate fluctuations;
delays associated with, or failure to obtain or complete,
permitting approvals, grid connections and other development
activities customary for greenfield or brownfield infrastructure
projects; our reliance on power utilities providers, third party
mining pools, exchanges, banks, insurance providers and our 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 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 HPC
solutions it may offer, 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 as well as hardware for other
applications, including HPC solutions IREN may offer); delays,
increases in costs or reductions in the supply of equipment used in
IREN’s operations; 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
ability to obtain, maintain, protect and enforce its intellectual
property rights and other confidential information; whether the
secular trends IREN expects to drive growth in its business
materialize to the degree it expects them to, or at all; 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 our
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 solutions we may offer (such as HPC solutions),
including regulations related to data privacy, cybersecurity and
the storage, use or processing of information; any intellectual
property infringement and product liability claims; our ability to
attract, motivate and retain senior management and qualified
employees; increased risks to our 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 our
business, financial condition and results of operations; the
ongoing effects of COVID-19 or any other outbreak of an infectious
disease and any governmental or industry measures taken in
response; our ability to remain competitive in dynamic and rapidly
evolving industries; damage to our brand and reputation;
expectations relating to Environmental, Social and Governance
issues or reporting; the costs of being a public company; and other
important factors discussed under the caption “Risk Factors” in
IREN’s annual report on Form 20-F filed with the SEC on September
13, 2023 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.
Preliminary Financial Information
The preliminary financial information for the
month of February 2024 included in this investor update is not
subject to the same closing procedures as our unaudited quarterly
financial results and has not been reviewed by our independent
registered public accounting firm. The preliminary financial
information included in this investor update does not represent a
comprehensive statement of our financial results or financial
position and should not be viewed as a substitute for unaudited
financial statements prepared in accordance with International
Financial Reporting Standards. Accordingly, you should not place
undue reliance on the preliminary financial information included in
this investor update.
1 Bitcoin and Bitcoin mined in this investor update are
presented in accordance with our revenue recognition policy which
is determined on a Bitcoin received basis (post deduction of mining
pool fees as applicable). 2 Comprises actual power usage for Canal
Flats, Mackenzie, Prince George, and Childress. The Company’s Canal
Flats, Mackenzie and Prince George sites have been powered by 100%
renewable energy since inception of which approximately 98% is
directly from renewable energy sources; approximately 2% is from
the purchase of RECs. The Company’s Childress site has been powered
by 100% renewable energy since inception via the purchase of RECs.3
Represents electricity costs net of realized gain on financial
asset. Realized gain on financial asset represents unaudited power
credits (primarily driven by voluntary curtailment) earned under
hedge contracts. February 2024 electricity cost includes net
revenue generated from participation in ERCOT demand response
program. Figures are based on current internal estimates and
exclude REC purchases.4 Comprised of miner purchase options with
Bitmain for 9 EH/s of T21 miners plus additional miner purchases of
1 EH/s. Decisions with respect to Childress expansion and
exercising all, some or none of the miner purchase options will be
made during 2024, taking into consideration market conditions,
shareholder value and funding availability. In addition, the
Company retains flexibility to utilize miner purchase options for
purposes of upgrading some or all of its existing fleet.5 Reflects
estimated hashrate capacity by site assuming full utilization of
existing available data center capacity with existing mining fleet,
except where otherwise stated.6 Reflects estimated hashrate
capacity of the previously announced purchases of Bitmain S21
miners and T21 miners.7 Reflects estimated hashrate capacity with
additional 1 EH/s Bitmain T21 miner purchase and assuming the full
exercise of the previously announced 9 EH/s Bitmain T21 miner
purchase options.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f44a1a13-73ad-4967-ac59-14413aa5dc61https://www.globenewswire.com/NewsRoom/AttachmentNg/1b133dbd-b059-442e-af2d-f9cebc469a7bhttps://www.globenewswire.com/NewsRoom/AttachmentNg/e8c9f9d7-90dc-4997-8133-2cee2c8e43e7https://www.globenewswire.com/NewsRoom/AttachmentNg/565c18ec-8624-4437-b1fd-ddec995e8f68
Iris Energy (NASDAQ:IREN)
過去 株価チャート
から 5 2024 まで 6 2024
Iris Energy (NASDAQ:IREN)
過去 株価チャート
から 6 2023 まで 6 2024