Iris Energy Limited, operating under the name IREN and listed on NASDAQ, has released its monthly investor update for July 2024 on August 6, 2024. The update highlights the company's operations in Bitcoin mining and AI Cloud Services. In July, IREN mined 222 Bitcoin and reported an installed hashrate of 10.5 EH/s, with plans to expand to 20 EH/s in the third quarter and 30 EH/s in the fourth quarter of 2024. The company also reported the installation of 816 NVIDIA H100 GPUs, servicing multiple customers, and plans to launch a GPU pilot in the second half of 2024. IREN's data center operations are currently at 260MW, with an expansion to 510MW expected within the year. The Childress site's power capacity has been increased from 600MW to 750MW. Financially...Show More

Iris Energy Limited, operating under the name IREN and listed on NASDAQ, has released its monthly investor update for July 2024 on August 6, 2024. The update highlights the company's operations in Bitcoin mining and AI Cloud Services. In July, IREN mined 222 Bitcoin and reported an installed hashrate of 10.5 EH/s, with plans to expand to 20 EH/s in the third quarter and 30 EH/s in the fourth quarter of 2024. The company also reported the installation of 816 NVIDIA H100 GPUs, servicing multiple customers, and plans to launch a GPU pilot in the second half of 2024. IREN's data center operations are currently at 260MW, with an expansion to 510MW expected within the year. The Childress site's power capacity has been increased from 600MW to 750MW. Financially, the company faced higher electricity costs in July due to energy hedge pricing, which impacted the hardware profit margin for Bitcoin mining, turning it negative. However, the AI Cloud Services segment maintained a high hardware profit margin of 98%. Morgan Stanley has been appointed as a financial advisor to explore monetization opportunities in the AI data center market. The company also participated in various industry events and has plans for more in the upcoming months.