IREN Ltd | 6-K: Report of foreign private issuer (related to financial reporting)

Iris Energy has reached its mid-year target of 50 EH/s installed self-mining capacity, marking a 50-fold organic growth over 30 months to become one of the world's largest Bitcoin miners. The milestone is anchored by the 750MW Childress site, currently operating at 650MW capacity. The company plans to expand into AI infrastructure with a 50MW liquid-cooled AI data center scheduled for Q4 2025.The company demonstrates strong operational efficiency with a $41k all-in cash cost per Bitcoin last quarter, supported by 15 J/TH efficiency and low-cost renewable energy. Their business model features daily Bitcoin sales to avoid balance sheet exposure, no near-term mining hardware capex needs, and convertible notes as the only non-equity financing.The platform combines scale, efficiency, and financial resilience, with illustrative annual hardware profit projections ranging from $0m at $23k Bitcoin price to $1.457B at $200k Bitcoin price, assuming current network conditions. This financial foundation positions the company to accelerate its AI infrastructure strategy, focusing on high-performance computing solutions.

Iris Energy has reached its mid-year target of 50 EH/s installed self-mining capacity, marking a 50-fold organic growth over 30 months to become one of the world's largest Bitcoin miners. The milestone is anchored by the 750MW Childress site, currently operating at 650MW capacity. The company plans to expand into AI infrastructure with a 50MW liquid-cooled AI data center scheduled for Q4 2025.The company demonstrates strong operational efficiency with a $41k all-in cash cost per Bitcoin last quarter, supported by 15 J/TH efficiency and low-cost renewable energy. Their business model features daily Bitcoin sales to avoid balance sheet exposure, no near-term mining hardware capex needs, and convertible notes as the only non-equity financing.The platform combines scale, efficiency, and financial resilience, with illustrative annual hardware profit projections ranging from $0m at $23k Bitcoin price to $1.457B at $200k Bitcoin price, assuming current network conditions. This financial foundation positions the company to accelerate its AI infrastructure strategy, focusing on high-performance computing solutions.