Iris Energy Increases Operating Capacity to >3.7 EH/s

Iris Energy Increases Operating Capacity to >3.7 EH/s

Prince George (50MW) Fully Commissioned on Schedule

Additional Near Term Expansion to 4.7 EH/s

Deployment pathway to 6.0 EH/s

SYDNEY, Australia, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the Company”), a leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy, today announced it has increased its operating capacity to exceed 3.7 EH/s.

The full energization of 1.4 EH/s (50MW) at Prince George, BC (Canada) was on schedule and marks delivery of the Company’s third operating site, increasing the Company’s operating capacity by >60% to 3.7 EH/s.

This follows the recent full energization of 1.5 EH/s (50MW) at the Company’s second operating site in Mackenzie, BC (Canada) less than two months ago. Phase three expansion of a further 1.0 EH/s (30MW) at Mackenzie also remains on track to be energized by the end of Q4 2022, increasing the Company’s expected near-term operating capacity to 4.7 EH/s.

As previously announced, an initial 1.3 EH/s (40MW) development is currently planned at Childress, Texas (USA), to reach total expected Company operating capacity of 6.0 EH/s in 2023.

Iris Energy’s Co-Founder & Co-CEO, Daniel Roberts, said:

“The successful energization of Prince George is another major milestone for Iris Energy. We are particularly pleased to continue our track record of delivering major projects either on or ahead of schedule, and look forward to further expansion of our operating capacity in the months ahead. We would like to congratulate and thank the Prince George construction team for their fantastic work on a job well done and also welcome a number of new local hires to the permanent operations team.”

About Iris Energy

Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.

• 100% renewables: Iris Energy targets markets with low-cost, under-utilized renewable energy, and where the Company can support local communities 
• Long-term security over infrastructure, land and power supply: Iris Energy builds, owns and operates its electrical infrastructure and proprietary data centers, providing long-term security and operational control over its assets
• Seasoned management team: Iris Energy’s team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers with cumulative experience in delivering >$25bn in energy and infrastructure projects globally