20 EH/s expansion fully funded

20 EH/s expansion fully funded

460MW of next-generation data centers

Commencement of quarterly reporting

SYDNEY, Australia, April 01, 2024 (GLOBE NEWSWIRE) -- IREN (Iris Energy Limited) (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.

• 2024 expansion, now fully funded
  • $301m cash, no debt
  • 460MW of data centers and 20 EH/s of Bitcoin mining in 2024
  • Expansion fully funded, following completion of a targeted ATM equity raising program
    
    
• IREN to commence quarterly reporting immediately
  
  • Starting from the quarter ending March 31, 2024
    
    
• Next-generation data centers
  • 460MW of data center capacity in 2024, with land portfolio and executed connection agreements for 2,160MW of power underpinning continued growth across both AI Cloud Services and Bitcoin mining
  • AI Cloud Services
    • 816 NVIDIA H100 GPUs generates an estimated ~$14-17m of annualized hardware profit (~24 month payback)
    • 248 GPUs operating + 568 GPUs now undergoing testing and commissioning at our Prince George data center (which is capable of operating ~30,000 NVIDIA H100 GPUs)
    • Customer negotiations for new capacity in progress
    • Recently presented at NVIDIA GTC, with poolside AI’s Co-Founder & CTO joining the stage to highlight the strength of IREN’s cloud services capabilities
  • Bitcoin mining
    • 20 EH/s generates ~$269m of annualized hardware profit (post-halving)
    • 8 EH/s currently operating and 12 EH/s additional capacity to be progressively shipped and installed during the next 9 months
      
      
• Childress construction update
  • Phase 1 (first 100MW) – H1 2024
    • 60MW operating, 40MW under construction
    • Supports expansion to 10 EH/s
      
  • Phase 2 & 3 (next 200MW) – H2 2024
    • Supports expansion to 20 EH/s
    • Optimized data center design (now 25MW) expediting construction timelines through increased power density per building and constructability improvements
    • Construction underway with ~180 personnel on site