IREN Achieves Mid-Year Target of 50 EH/s
IREN Limited (NASDAQ: IREN) has achieved its mid-year target of 50 EH/s installed self-mining capacity, marking a significant milestone in its Bitcoin mining operations. The company has scaled approximately 50x in just 30 months to become one of the world's largest and most efficient Bitcoin miners.
The achievement is anchored by IREN's 750MW Childress site, which currently supports 650MW of operating capacity. The company reported an all-in cash cost of $41,000 per Bitcoin in the last quarter, driven by 15 J/TH efficiency, scale, low-cost renewable energy, and vertical integration.
IREN is now pivoting towards AI infrastructure expansion, with Horizon 1, a 50MW liquid-cooled AI data center, scheduled for delivery in Q4 2025. The company maintains a flexible capital structure with convertible notes as the only non-equity financing, positioning itself for future growth in high-performance computing markets.
The company's business model features immediate revenue realization through daily Bitcoin sales, avoiding balance sheet exposure to price volatility. With its recent fleet refresh, IREN has minimized near-term mining hardware capital expenditure needs, maximizing free cash flow potential.
IREN Limited (NASDAQ: IREN) ha raggiunto il suo obiettivo di metà anno con una capacità di auto-mining installata di 50 EH/s, segnando un traguardo significativo nelle sue operazioni di mining di Bitcoin. L'azienda è cresciuta di circa 50 volte in soli 30 mesi, diventando uno dei miner di Bitcoin più grandi ed efficienti al mondo.
Il successo si basa sul sito Childress da 750MW di IREN, che attualmente supporta una capacità operativa di 650MW. Nel trimestre scorso, la società ha riportato un costo totale in contanti di 41.000$ per Bitcoin, grazie a un'efficienza di 15 J/TH, alla scala, all'energia rinnovabile a basso costo e all'integrazione verticale.
IREN sta ora orientando la sua strategia verso l'espansione delle infrastrutture AI, con Horizon 1, un data center AI da 50MW raffreddato a liquido, previsto per la consegna nel quarto trimestre del 2025. L'azienda mantiene una struttura di capitale flessibile, con note convertibili come unica forma di finanziamento non azionario, preparandosi alla crescita futura nei mercati del calcolo ad alte prestazioni.
Il modello di business dell'azienda prevede la realizzazione immediata dei ricavi attraverso la vendita giornaliera di Bitcoin, evitando l'esposizione del bilancio alla volatilità dei prezzi. Con il recente rinnovo della flotta, IREN ha ridotto al minimo le esigenze di spesa in conto capitale per l'hardware di mining a breve termine, massimizzando il potenziale di flusso di cassa libero.
IREN Limited (NASDAQ: IREN) ha alcanzado su objetivo de mitad de año con una capacidad instalada de auto-minería de 50 EH/s, marcando un hito importante en sus operaciones de minería de Bitcoin. La empresa ha crecido aproximadamente 50 veces en solo 30 meses, convirtiéndose en uno de los mineros de Bitcoin más grandes y eficientes del mundo.
Este logro se sustenta en el sitio Childress de 750MW de IREN, que actualmente soporta una capacidad operativa de 650MW. La compañía reportó un costo total en efectivo de $41,000 por Bitcoin en el último trimestre, impulsado por una eficiencia de 15 J/TH, escala, energía renovable de bajo costo e integración vertical.
IREN está ahora orientando su estrategia hacia la expansión de infraestructura de IA, con Horizon 1, un centro de datos de IA de 50MW con refrigeración líquida, programado para entregarse en el cuarto trimestre de 2025. La compañía mantiene una estructura de capital flexible, con notas convertibles como la única financiación no accionaria, posicionándose para el crecimiento futuro en mercados de computación de alto rendimiento.
El modelo de negocio de la empresa incluye la realización inmediata de ingresos mediante la venta diaria de Bitcoin, evitando la exposición del balance a la volatilidad de los precios. Con la reciente renovación de su flota, IREN ha minimizado las necesidades de gasto de capital a corto plazo en hardware de minería, maximizando el potencial de flujo de caja libre.
IREN Limited (NASDAQ: IREN)은(는) 중간 목표인 설치된 자체 채굴 용량 50 EH/s를 달성하며 비트코인 채굴 사업에서 중요한 이정표를 세웠습니다. 회사는 단 30개월 만에 약 50배 성장하여 세계에서 가장 크고 효율적인 비트코인 채굴업체 중 하나가 되었습니다.
이 성과는 현재 650MW의 운영 용량을 지원하는 750MW Childress 사이트에 기반합니다. 회사는 지난 분기에 비트코인당 총 현금 비용 41,000달러를 보고했으며, 이는 15 J/TH 효율성, 규모, 저비용 재생 에너지 및 수직 통합에 힘입은 결과입니다.
IREN은 이제 AI 인프라 확장에 주력하고 있으며, Horizon 1이라는 50MW 액체 냉각 AI 데이터 센터를 2025년 4분기에 납품할 예정입니다. 회사는 전환사채만 비주식 금융으로 하는 유연한 자본 구조를 유지하며, 고성능 컴퓨팅 시장에서의 미래 성장을 준비하고 있습니다.
회사의 비즈니스 모델은 일일 비트코인 판매를 통해 즉각적인 수익 실현을 특징으로 하여 가격 변동성에 대한 대차대조표 노출을 피합니다. 최근 장비 교체를 통해 IREN은 단기 채굴 하드웨어 자본 지출 필요성을 최소화하여 자유 현금 흐름 잠재력을 극대화했습니다.
IREN Limited (NASDAQ : IREN) a atteint son objectif de mi-année avec une capacité d'auto-minage installée de 50 EH/s, marquant une étape importante dans ses opérations de minage de Bitcoin. L'entreprise a multiplié sa taille par environ 50 en seulement 30 mois, devenant l'un des plus grands et des plus efficaces mineurs de Bitcoin au monde.
Cette réussite repose sur le site Childress de 750MW d'IREN, qui soutient actuellement une capacité opérationnelle de 650MW. La société a déclaré un coût global en espèces de 41 000 $ par Bitcoin au dernier trimestre, grâce à une efficacité de 15 J/TH, à la taille, à l'énergie renouvelable à faible coût et à l'intégration verticale.
IREN s'oriente désormais vers l'expansion des infrastructures d'IA, avec Horizon 1, un centre de données IA de 50MW refroidi par liquide, prévu pour une livraison au quatrième trimestre 2025. L'entreprise maintient une structure de capital flexible, avec des billets convertibles comme seul financement non-actionnaire, se positionnant pour une croissance future sur les marchés du calcul haute performance.
Le modèle économique de la société repose sur une réalisation immédiate des revenus via la vente quotidienne de Bitcoin, évitant ainsi l'exposition du bilan à la volatilité des prix. Avec le récent renouvellement de sa flotte, IREN a minimisé les besoins en dépenses d'investissement à court terme pour le matériel de minage, maximisant ainsi le potentiel de flux de trésorerie disponible.
IREN Limited (NASDAQ: IREN) hat sein Halbjahresziel von 50 EH/s installierter Eigen-Mining-Kapazität erreicht und damit einen bedeutenden Meilenstein in seinen Bitcoin-Mining-Aktivitäten gesetzt. Das Unternehmen ist in nur 30 Monaten etwa 50-fach gewachsen und zählt nun zu den größten und effizientesten Bitcoin-Minern weltweit.
Dieser Erfolg basiert auf dem 750MW Childress-Standort von IREN, der derzeit eine betriebliche Kapazität von 650MW unterstützt. Im letzten Quartal meldete das Unternehmen Gesamtkosten in bar von 41.000 USD pro Bitcoin, bedingt durch eine Effizienz von 15 J/TH, Skaleneffekte, kostengünstige erneuerbare Energien und vertikale Integration.
IREN richtet nun seinen Fokus auf den Ausbau der KI-Infrastruktur, mit Horizon 1, einem 50MW flüssigkeitsgekühlten KI-Rechenzentrum, dessen Fertigstellung für das vierte Quartal 2025 geplant ist. Das Unternehmen hält eine flexible Kapitalstruktur mit Wandelanleihen als einziger nicht-aktienbasierter Finanzierung und positioniert sich damit für zukünftiges Wachstum im Hochleistungsrechnermarkt.
Das Geschäftsmodell des Unternehmens zeichnet sich durch sofortige Umsatzerlöse durch den täglichen Verkauf von Bitcoin aus, wodurch eine Bilanzexponierung gegenüber Preisschwankungen vermieden wird. Mit der jüngsten Flottenerneuerung hat IREN die kurzfristigen Investitionsbedarfe für Mining-Hardware minimiert und maximiert so das Potenzial für freien Cashflow.
- Achieved significant milestone of 50 EH/s installed self-mining capacity
- Low production costs at $41,000 per Bitcoin with 15 J/TH efficiency
- Strong infrastructure with 750MW Childress site supporting 650MW operating capacity
- No near-term mining hardware capex requirements due to recent fleet refresh
- Strategic expansion into AI infrastructure with 50MW data center planned for Q4 2025
- Daily Bitcoin sales strategy reduces exposure to market volatility
- Flexible capital structure with only convertible notes as non-equity financing
- Significant exposure to Bitcoin price and network hashrate fluctuations
- Substantial power consumption requirements and dependency on electricity costs
- Limited experience in new markets including HPC solutions and AI Cloud Services
- Ongoing securities litigation related to default by two wholly-owned special purpose vehicles
Insights
IREN's 50 EH/s milestone establishes industry leadership with efficient, low-cost Bitcoin mining while pivoting toward AI infrastructure.
IREN has achieved a remarkable 50x organic scaling in just 30 months, positioning itself among the world's largest Bitcoin miners. This 50 EH/s capacity milestone is particularly impressive when considering the technical complexities involved in deploying energy and data center infrastructure at this scale.
The company's Childress site anchors this achievement with 650MW of operating capacity from a 750MW facility, demonstrating exceptional site utilization. What's most notable from an operational perspective is their $41k all-in cash cost per Bitcoin last quarter, driven by highly efficient 15 J/TH hardware and low-cost renewable energy sources. This positions IREN among the lowest-cost Bitcoin producers globally.
Their mining economics create an asymmetric risk profile that's strategically advantageous - during market downturns, their low production costs allow continued profitable operation while higher-cost competitors may be forced offline, effectively increasing IREN's share of network rewards. The recent fleet refresh minimizes near-term capital requirements, maximizing free cash flow generation.
Most interestingly, IREN is leveraging their Bitcoin mining execution capabilities to diversify into high-performance AI computing. Their Horizon 1 project - a 50MW liquid-cooled AI data center scheduled for Q4 2025 delivery - represents their first major step beyond crypto mining. This strategic pivot capitalizes on their core competencies in power procurement, thermal management, and infrastructure deployment while potentially providing more stable revenue streams than volatile Bitcoin mining.
The daily Bitcoin sales strategy deserves attention - by converting mining rewards immediately rather than holding, IREN reduces balance sheet exposure to cryptocurrency volatility while maintaining operational Bitcoin exposure. This conservative approach, combined with their flexible capital structure using only convertible notes for non-equity financing, provides significant financial flexibility for their AI infrastructure expansion plans.
Establishes Global Leadership in Efficient Bitcoin Mining
SYDNEY, June 30, 2025 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced it has reached its mid-year target of 50 EH/s installed self-mining capacity.
Daniel Roberts, Co-Founder and Co-CEO of IREN, commented:
“Reaching 50 EH/s is a defining milestone and a testament to our ability to rapidly deliver complex energy and data center infrastructure. In just 30 months, we’ve scaled organically ~50x to become one of the world’s largest and most efficient Bitcoin miners.
With 50 EH/s of mining expansion complete, we’re now turning to our next frontier, leveraging the same execution discipline to scale AI infrastructure across high-growth compute markets.”
50 EH/s Milestone Achieved
The 50 EH/s milestone is anchored by our 750MW Childress site, now supporting 650MW of operating capacity and forming the foundation of our next phase of growth with Horizon 1, a 50MW liquid-cooled AI data center, set for delivery in Q4 2025.
Childress Aug-22
Childress Apr-23
Childress May-25
Platform for Long-Term Value Creation
IREN’s 50 EH/s platform combines scale, efficiency and financial resilience built to endure Bitcoin cycles and market volatility:
- Low-cost production –
$41 k all-in cash cost per Bitcoin last quarter with further operating leverage expected, driven by 15 J/TH efficiency, scale, low-cost renewable energy and vertical integration.1 - Asymmetric upside and resilient cash flows – exposure to Bitcoin upside, with built-in downside protection from low-cost operations that can help mitigate the impact of market downturns by allowing for increased Bitcoin production as higher-cost peers exit.
- Immediate revenue realization – daily Bitcoin sales avoid balance sheet exposure and tie performance to operations, not price speculation.
- No near-term mining hardware capex – recent fleet refresh minimizes capital needs and maximises free cash flow.
- Flexible capital structure – convertible notes remain only source of non-equity financing, preserving flexibility for the next phase of growth.
These fundamentals provide substantial capital and capacity to accelerate our AI strategy, delivering high-performance AI infrastructure for a new wave of compute demand.
Assumptions and Notes
$41 k all-in cash cost per Bitcoin mined reflects all direct and indirect costs for the quarter ended March 31, 2025, including total net electricity costs and other costs (employee benefits expense, professional fees, site expenses, RECs and other operating expenses excluding one-off items), divided by the number of Bitcoin mined during the same period.- Illustrative Hardware Profit sensitivities reflect illustrative mining revenue less assumed net electricity costs across different Bitcoin price and network hashrate scenarios. Source: CoinWarz Bitcoin Mining Calculator. Illustrative calculations and inputs assume hardware operates at
100% uptime, 3.5c/kWh net electricity costs, 3.125 BTC block reward, 0.1 BTC transaction fees,0.16% pool fees and 765MW power consumption. Illustrative Hardware Profit is for illustrative purposes only and should not be considered projections of IREN’s operating performance. Inputs are based on assumptions, including historical information, which are likely to be different in the future and users should input their own assumptions. There is no assurance that any illustrative outputs will be achieved within the timeframes presented or at all, or that mining hardware will operate at100% uptime. The above should be read strictly in conjunction with the forward-looking statements disclaimer in this press release.
Forward-Looking Statements
This press release 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, any of which could restrict its business operations and adversely impact its financial condition, cash flows and results of operations; 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, design and deploy direct-to-chip liquid cooling systems, and diversify and expand into the market for high performance computing (“HPC”) solutions (including the market for cloud services (“AI Cloud Services”) and potential colocation services; IREN’s limited experience with respect to new markets it has entered or may seek to enter, including the market for HPC solutions (including AI Cloud Services and potential colocation services); 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 current and future HPC solutions (including AI Cloud Services and potential colocation services) 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 markets for HPC solutions (including AI Cloud Services and potential colocation services); IREN’s ability to manage counterparty risk (including credit risk) associated with any current or future customers, including customers of its HPC solutions (including AI Cloud Services and potential colocation services) and other counterparties; the risk that any current or future customers, including customers of its HPC solutions (including AI Cloud Services and potential colocation services), or other counterparties may terminate, default on or underperform their contractual obligations; Bitcoin global hashrate fluctuations; IREN’s ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all; delays associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects; IREN’s reliance on power and utilities providers, third party mining pools, exchanges, banks, insurance providers and its 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 miner 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 any current or future HPC solutions (including AI Cloud Services and potential colocation services) it offers, 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 and any current or future HPC solutions (including AI Cloud Services and potential colocation services) IREN offers); delays, increases in costs or reductions in the supply of equipment used in IREN’s operations including as a result of tariffs and duties, and certain equipment being in high demand due to global supply chain constraints; changing political and geopolitical conditions, including changing international trade policies and the implementation of wide-ranging, reciprocal and retaliatory tariffs and trade restrictions; 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’s ability to obtain, maintain, protect and enforce its intellectual property rights and confidential information; any intellectual property infringement and product liability claims; whether the secular trends IREN expects to drive growth in its business materialize to the degree it expects them to, or at all; any pending or future acquisitions, dispositions, joint ventures or other strategic transactions; 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 IREN’s 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 the Company’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 services it offers, including laws and regulations related to data privacy, cybersecurity and the storage, use or processing of information and consumer laws; IREN’s ability to attract, motivate and retain senior management and qualified employees; increased risks to IREN’s 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 IREN’s business, financial condition and results of operations; public health crises, including an outbreak of an infectious disease and any governmental or industry measures taken in response; IREN’s ability to remain competitive in dynamic and rapidly evolving industries; damage to IREN’s brand and reputation; our ability to remediate our existing material weakness and to establish and maintain an effective system of internal controls; expectations relating to environmental, social or governance issues or reporting; the costs of being a public company; the increased regulatory and compliance costs of IREN ceasing to be a foreign private issuer and an emerging growth company, as a result of which we will be required, among other things, to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC commencing with our next fiscal year, and we will also be required to prepare our financial statements in accordance with U.S. GAAP rather than IFRS, and to modify certain of our policies to comply with corporate governance practices required of a U.S. domestic issuer; that we do not currently pay any cash dividends on our ordinary shares, and may not in the foreseeable future and, accordingly, your ability to achieve return on your investment in our ordinary shares will depend on appreciation, if any, in the price of our ordinary shares; and other important factors discussed under the caption “Risk Factors” in IREN’s annual report on Form 20-F filed with the SEC on August 28, 2024 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 press release. Any forward-looking statement that IREN makes in this press release 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.
Non-IFRS Financial Measures
This press release includes non-IFRS financial measures, including net electricity costs and illustrative annualized hardware profit. We provide these measures in addition to, and not as a substitute for, measures of financial performance prepared in accordance with IFRS. There are a number of limitations related to the use of non-IFRS financial measures. For example, other companies, including companies in our industry, may calculate these measures differently. The Company believes that these measures are important and supplement discussions and analysis of its results of operations and enhances an understanding of its operating performance.
Net electricity costs are calculated as our IFRS electricity charges, demand response program revenue (included in other income) and demand response fees (included in other operating expenses). Hardware Profit is calculated as revenue less net electricity costs (excludes all other site, overhead and REC costs).
About IREN
IREN is a vertically integrated data center business powering the future of Bitcoin, AI and beyond utilizing
- Power & Land Portfolio: 2,910MW of grid-connected power secured across >2,000 acres in the U.S. and Canada, with an additional multi-gigawatt development pipeline.
- Next-Generation Data Centers: 810MW of operating data centers underpinning three verticals: Bitcoin Mining, AI Cloud Services and AI Data Centers.
- Bitcoin Mining: one of the world’s largest and lowest-cost Bitcoin producers with 50 EH/s of installed self-mining capacity.
- AI Cloud Services: delivering high performance cloud compute to AI customers with 1,896 NVIDIA H100 & H200 GPUs.
- AI Data Centers: end-to-end design, construction and operation of data center infrastructure tailored for AI workloads, with up to 50MW (IT load) liquid cooled capacity scheduled for delivery in 2025.
Contacts
| Media Megan Boles Aircover Communications +1 562 537 7131 megan.boles@aircoverpr.com Jon Snowball Sodali & Co +61 477 946 068 +61 423 136 761 | Investors Mike Power IREN mike.power@iren.com |
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FAQ
What is IREN's current Bitcoin mining capacity?
What is IREN's cost per Bitcoin mined?
How much power capacity does IREN's Childress site have?
What are IREN's plans for AI infrastructure?
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What is IREN's current financing structure?
