IREN provides 20 EH/s expansion update

SYDNEY, Australia, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Iris Energy Limited (dba IREN) (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today provided a business update.

IREN is pleased to provide an update on its expansion to 20 EH/s in 2024:

• H1 2024 (10 EH/s):
  • Operating hashrate now increased to 7 EH/s
  • Remaining 3 EH/s to be commissioned through H1 2024
• H2 2024 (20 EH/s):
  • 10 EH/s of new Bitmain T21 miners¹ secured via fixed price contracts
  • 200MW expansion at existing Childress data center

About IREN

IREN is a leading next-generation data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy.

• Bitcoin Mining: providing security to the Bitcoin network, expanding to 20 EH/s in 2024. Operations since 2019.
• AI Cloud Services: providing cloud compute to AI customers, expanding to 816 NVIDIA H100 GPUs. Operations since 2024.
• Next-Generation Data Centers: 220MW of operating data centers, expanding to 460MW in 2024. Specifically designed and purpose-built infrastructure for high-performance and power-dense computing applications.
• Technology: technology stack for performance optimization of AI Cloud Services, Bitcoin Mining and energy trading operations.
• Development Portfolio: 2,160MW of secured power capacity across North America, >1,000 acre property portfolio and additional development pipeline.
• 100% Renewable Energy: targets sites with low-cost & underutilized renewable energy and supports electrical grids and local communities.

Contacts

Media Jon Snowball Domestique [phone] Danielle Ghigliera Aircover Communications [phone]

Investors Lincoln Tan IREN [phone] [e-mail]

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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.