On September 23, 2024, Iris Energy Limited, also known as IREN, announced a significant business update. The company has successfully increased its installed capacity to 20 EH/s with an efficiency of 16 J/TH. Furthermore, IREN anticipates a further increase to 21 EH/s in the near future due to optimizations in its existing data center infrastructure. The company also remains on track to expand its capacity to 31 EH/s in the fourth quarter of 2024. This expansion includes the construction of Childress Phase 3, which is currently underway with around 430 workers on site. The company's growth strategy also involves the scheduled shipping of previously purchased Bitmain S21 XP miners over the next two months. IREN's press release also outlined the financial aspects of its...Show More

On September 23, 2024, Iris Energy Limited, also known as IREN, announced a significant business update. The company has successfully increased its installed capacity to 20 EH/s with an efficiency of 16 J/TH. Furthermore, IREN anticipates a further increase to 21 EH/s in the near future due to optimizations in its existing data center infrastructure. The company also remains on track to expand its capacity to 31 EH/s in the fourth quarter of 2024. This expansion includes the construction of Childress Phase 3, which is currently underway with around 430 workers on site. The company's growth strategy also involves the scheduled shipping of previously purchased Bitmain S21 XP miners over the next two months. IREN's press release also outlined the financial aspects of its operations, projecting an electricity cost of $20k per Bitcoin mined and an all-in cash cost of $30k per Bitcoin at the 31 EH/s capacity. These developments are part of IREN's pathway to industry leadership, with plans to increase its installed capacity to 50 EH/s by 2025. The announcement was made in accordance with the SEC's Form 6-K reporting requirements for foreign private issuers.