IREN (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 March 2024.
Key Highlights
Bitcoin Mining |
AI Cloud Services |
- 353 Bitcoin mined in March
- 8 EH/s operating, 20 EH/s in 2024
- Expansion fully funded
|
- NVIDIA H100 GPUs
- 248 operating
- 568 commissioning
- Customer negotiations in progress
|
Data
Centers |
Corporate |
- 220MW operating, 460MW in 2024
- New and optimized data center design
expediting construction timelines
|
- $301m cash, no debt
- 2024 expansion fully funded
- Quarterly reporting to start from
March 31, 2024
|
Key Metrics
Bitcoin Mining1 |
Mar-24 |
Feb-24 |
Jan-24 |
Average operating hashrate (PH/s) |
7,107 |
6,299 |
5,642 |
Renewable energy usage
(MW)2 |
195 |
174 |
163 |
Bitcoin mined |
353 |
310 |
341 |
Mining revenue (US$'000) |
23,705 |
15,212 |
14,466 |
Electricity costs
(US$'000)3 |
7,172 |
6,241 |
6,376 |
Revenue per Bitcoin (US$) |
67,235 |
49,134 |
42,436 |
Electricity cost per Bitcoin (US$) |
20,343 |
20,158 |
18,705 |
Bitcoin Mining
March operations
- Average operating hashrate of 7.1
EH/s (now expanded to 8 EH/s)
- Monthly mining revenue increased by
56% to $23.7m, due to increased hashrate and higher Bitcoin
price
2024 expansion to 20 EH/s, now fully funded
- H1 2024 (10 EH/s) – 8 EH/s operating,
remaining 2 EH/s to be commissioned
- H2 2024 (20 EH/s) – 10 EH/s of new miners
secured4
- 20 EH/s generates ~$269m of annualized hardware profit
(post-halving)5
AI Cloud Services
- Recently presented at NVIDIA GTC, with
poolsideAI’s Co-Founder & CTO joining the stage to highlight
the strength of IREN’s cloud services capabilities
- NVIDIA H100 GPUs:
- Located at our Prince George data
center
- 248 GPUs operating
- 568 GPUs undergoing commissioning
- Customer negotiations for new capacity
in progress
- 816 GPUs generates an estimated
~$14-$17m of annualized hardware profit (~24 month payback)5
poolsideAI’s CTO & Co-Founder presenting alongsideIREN CEO
& Co-Founder at NVIDIA GTC
Data Centers
460MW of data centers
- Childress Phase 1 (first 100MW) – H1 2024
- Supports expansion to 10 EH/s
- 60MW operating, 40MW under construction
- Childress Phase 2 & 3 (next 200MW) – H2 2024
- Supports expansion to 20 EH/s
- Construction underway with ~180 personnel on site
- New and optimized data center design expediting construction
timelines through increased power density per building and
constructability improvements
Childress (March 29, 2024)
Data Center |
Capacity(MW) |
Capacity
(EH/s)4 |
Timing |
Status |
Canal
Flats (BC, Canada) |
30 |
0.9 |
Complete |
Operating |
Mackenzie (BC,
Canada) |
80 |
2.8 |
Complete |
Operating |
Prince George (BC,
Canada) |
50 |
1.6 |
Complete |
Operating |
Childress Phase 1
(Texas, USA) |
60 |
2.7 |
Complete |
Operating |
Total
Operating |
220 |
8.0 |
|
|
Childress Phase 1
(Texas, USA) |
40 |
2.0 |
H1 2024 |
Under construction |
Childress Phase
2-3 (Texas USA) |
200 |
10.0 |
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
Funding & corporate
- $301m cash6, no debt
- Expansion to 460MW of data centers
and 20 EH/s of Bitcoin mining in 2024 now fully funded, following
completion of a targeted ATM equity raising program
- Quarterly reporting to commence
from the quarter ending March 31, 2024
Upcoming events
- CG Digital Assets Symposium (April
11, 2024)
- London non-deal roadshow (April 8 -
11, 2024)
- CheatCode UK (April 12 - 13,
2024)
IREN Co-Founder & Co-CEO Daniel Roberts presenting at
NVIDIA GTC
Contacts
MediaJon Snowball Domestique +61 477 946
068Danielle GhiglieraAircover Communications+1 510 333 2707 |
InvestorsLincoln Tan IREN+61 407 423
395lincoln.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 March 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.
__________________________
- 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).
- 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.
- 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 and March 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.
- Additional capacity to be installed comprises Bitmain T21 miner
purchases of 3 EH/s and miner purchase options of 9 EH/s. Final
decisions with respect to exercising miner purchase options will be
made during 2024 taking into consideration market conditions.
- Illustrative Annualized Hardware Profit = revenue less assumed
electricity costs (excludes all other site, overhead and REC
costs). Bitcoin mining calculations assume hardware operates at
100% uptime and $0.04/kWh electricity costs. Source: Coinwarz
Bitcoin Mining Calculator. Inputs: 20,000 PH/s (hashrate), ~595
EH/s (global hashrate), $70,000 (BTC price), 3.125 BTC (block
reward), 0.3 BTC (transaction fees), 0.2% (pool fees), 440MW (power
consumption). These inputs and assumptions are based on current and
historical market conditions which may be different in the future.
GPU calculations assume 1.25kW power draw required for 1 GPU,
$0.05/kWh electricity costs and $2.00-2.50 per GPU hour revenue
assumption. Hardware capex assumes ~$40k per GPU.
- Cash of $301m reflects USD equivalent, unaudited preliminary
cash, cash equivalents and term deposits as of March 29, 2024 plus
ATM proceeds to be received first week of April 2024 from shares
sold on or prior to March 29, 2024. Between March 16, 2024 and
March 29, 2024 the Company raised $72m in gross proceeds from the
sale of 13.6m shares. Remaining capacity under existing ATM of
$166m. Total number of ordinary shares outstanding as of March 29,
2024 is 141,094,782, including shares sold through the ATM on or
prior to March 29, 2024.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/7b028c2d-e454-4406-a0ab-963fcfb2f959
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb420b85-2c52-48b1-92a8-6bf4cf2e22e2
https://www.globenewswire.com/NewsRoom/AttachmentNg/bf15bce4-4c29-43f0-86c2-22beed734adc
https://www.globenewswire.com/NewsRoom/AttachmentNg/bbd91d32-94e1-4368-9540-4203e4a5b30f
Iris Energy (NASDAQ:IREN)
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