Welcome to our dedicated page for Iris Energy news (Ticker: IREN), a resource for investors and traders seeking the latest updates and insights on Iris Energy stock.
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 (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.
IREN (Iris Energy ), a leading next-generation data center business focused on Bitcoin, AI, and beyond, has appointed Morgan Stanley & Co. as financial advisor to evaluate monetization opportunities in the AI data center market. IREN operates with 100% renewable energy and is expanding its Bitcoin mining capacity to 30 EH/s in 2024. The company recently entered the AI Cloud Services market with 816 NVIDIA H100 GPUs. IREN currently operates 260MW of data centers, with plans to expand to 510MW in 2024. The company has secured 2,160MW of power capacity across North America and owns a 1,000+ acre property portfolio.
IREN, a next-gen data center business, published its June 2024 update. Key highlights include mining 233 Bitcoin with a 9,316 PH/s hashrate, utilizing 324 MW of renewable energy. Mining revenue was $15.49M, with electricity costs of $49.18M. The AI Cloud Services saw a 21% revenue increase, reaching $1.08M, supported by 816 NVIDIA H100 GPUs. The company operates 260 MW of data centers and plans to expand to 510 MW by year-end. IREN has $425.3M in cash and no debt, fully funding its 2024 expansion. Upcoming events include investor briefings and Bitcoin 2024 in Nashville.
IREN (Iris Energy ) announced a comprehensive business update, highlighting significant expansion plans for 2024. The company is fully funded with $425.3 million in cash and no debt. IREN plans to expand its data center capacity to 30 EH/s and 510MW by 2024, with additional financial flexibility for future projects and power monetization activities. The company is also exploring monetization opportunities for its power and land portfolio, including a 1,400MW project in West Texas. IREN is committed to using 100% renewable energy, focusing on high-performance computing applications such as Bitcoin mining and AI cloud services.
IREN (NASDAQ: IREN) released its monthly investor update for May 2024, highlighting key developments in Bitcoin mining, AI cloud services, and data centers. The company mined 230 Bitcoins, achieved an average operating hashrate of 10 EH/s, and plans to expand to 30 EH/s by Q4 2024. AI Cloud Services saw the deployment of 816 NVIDIA H100 GPUs, with an expected annual hardware profit of $14-$17 million. Data center operations reached 260 MW, with expansions to 510 MW by the end of 2024. Financially, IREN reported a cash reserve of $322 million with no debt, despite a decline in Bitcoin mining revenue and increased electricity costs.
IREN (NASDAQ: IREN), a leader in Bitcoin and AI data centers, announced its financial results for Q3 FY24 and the nine months ending March 31, 2024. The company achieved a record revenue of $53.4 million, driven by higher Bitcoin prices and operating hashrate. Adjusted EBITDA increased to $21.8 million, and net profit after tax was $8.6 million. IREN noted a record $47.9 million in operating cashflow YTD, with plans to expand its Bitcoin mining capacity to 30 EH/s in 2024. The report also highlighted a significant increase in AI Cloud Services revenue and the commissioning of 248 NVIDIA H100 GPUs for Poolside AI. Operating expenses rose, with net electricity costs at $19.4 million. Cash reserves stood at $259.7 million as of March 31, 2024, with no debt.
IREN, a leading next-generation data center business, announced its expansion plans to increase its operating hashrate to 30 EH/s by 2024, ahead of its initial schedule. The company has achieved a 10 EH/s milestone and secured Bitmain S21 Pro miners with a nameplate efficiency of 15 J/TH. Upon completion, IREN's nameplate fleet efficiency will be 16 J/TH with an indicative electricity cost of $17k per Bitcoin mined. An additional 50MW data center at Childress, funded through existing cash and other sources, will support this growth. Further expansion to 40 EH/s is expected in the first half of 2025. IREN has $321.5 million in cash and no debt facilities as of April 30, 2024.
IREN (Iris Energy ) will release its financial results for the three-months ended March 31, 2024, on Wednesday, May 15, 2024 USA Eastern Daylight Time. The Company will host a conference call starting at 5:00 p.m. USA Eastern Daylight Time. The webcast will be recorded, and the replay will be available shortly after the event.
IREN, a leading next-generation data center business, released its April 2024 investor update showcasing key highlights in Bitcoin mining, AI cloud services, and data center expansions. The company reported steady growth in Bitcoin mined, expanded operating hashrates, and upsized GPU deployments. Expansion plans are fully funded and ahead of schedule, with a focus on renewable energy usage and sustainable growth. The monthly update also included financial metrics and upcoming events for investors.
IREN (Iris Energy ) (NASDAQ: IREN) has announced that its operating hashrate has increased to 9 EH/s and is expected to achieve 10 EH/s in May 2024. The company's expansion to 20 EH/s in 2024 remains on track, improving nameplate fleet efficiency to 21.9 J/TH. Additionally, IREN plans to commission an additional 50MW of data center capacity as part of Childress Phase 3 this year, increasing planned data center capacity from 460MW to 510MW by the end of 2024. This expansion has been enabled partly through a new substation design and ongoing improvement and optimization of the construction and procurement process.
FAQ
What does Iris Energy Limited do?
How does IREN generate revenue?
What are IREN's recent achievements?
What are IREN's expansion plans for 2024?
Who are IREN's key partners?
What is the financial condition of IREN?
What additional services does IREN offer?
What makes IREN's data centers unique?
How can I stay updated on IREN's news?
What is IREN's strategy for future growth?
