Iris Energy achieved exceptional operational results in December 2024, with mining revenue surging 60% to a record $52.1M and hardware profit reaching $40M at a 77% margin. The company successfully reached its year-end target of 31 EH/s installed capacity, significantly exceeding its original 20 EH/s goal. Operating hashrate averaged 28.1 EH/s, while 529 Bitcoin were mined during the month.The company made substantial progress in 2024, expanding mining capacity by 450% from 5.6 EH/s to 31 EH/s, and growing its Childress facility from 20MW to 350MW. The AI Cloud Services division now operates 1,896 NVIDIA H100 & H200 GPUs. Additionally, the company completed a $440M oversubscribed convertible notes offering.Looking ahead, Iris Energy is on track to reach 50 EH/s in H1 2025, with construction progressing at Childress Phases 4-5. The company's 1.4GW Sweetwater site energization has been accelerated to April 2026 from the original October 2026 timeline. The Childress facility continues to benefit from low power costs, averaging 3.2 c/kWh in December under spot pricing.

Iris Energy achieved exceptional operational results in December 2024, with mining revenue surging 60% to a record $52.1M and hardware profit reaching $40M at a 77% margin. The company successfully reached its year-end target of 31 EH/s installed capacity, significantly exceeding its original 20 EH/s goal. Operating hashrate averaged 28.1 EH/s, while 529 Bitcoin were mined during the month.The company made substantial progress in 2024, expanding mining capacity by 450% from 5.6 EH/s to 31 EH/s, and growing its Childress facility from 20MW to 350MW. The AI Cloud Services division now operates 1,896 NVIDIA H100 & H200 GPUs. Additionally, the company completed a $440M oversubscribed convertible notes offering.Looking ahead, Iris Energy is on track to reach 50 EH/s in H1 2025, with construction progressing at Childress Phases 4-5. The company's 1.4GW Sweetwater site energization has been accelerated to April 2026 from the original October 2026 timeline. The Childress facility continues to benefit from low power costs, averaging 3.2 c/kWh in December under spot pricing.