Operating hashrate increased to 9 EH/s

10 EH/s in coming weeks

SYDNEY, Australia, April 29, 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.

IREN is pleased to announce that its expansion is ahead of schedule and operating hashrate has increased to 9 EH/s. The Company now also expects to achieve 10 EH/s in May 2024.

IREN’s fully funded expansion to 20 EH/s in 2024 remains on track, which will improve nameplate fleet efficiency to 21.9 J/TH.

Furthermore, the Company now expects to commission an additional 50MW of data center capacity as part of Childress Phase 3 this year. This increases planned data center capacity from 460MW to 510MW by the end of 2024.

The additional 50MW of capacity has been enabled partly through a new substation design, as well as ongoing improvement and optimization of the Company’s construction and procurement process.

Childress construction progress (April 2024)

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, 816 NVIDIA H100 GPUs. Operations since 2024.
• Next-Generation Data Centers: 240MW of operating data centers, expanding to 510MW 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 (from clean or renewable energy sources or through the purchase of RECs): targets sites with low-cost & underutilized renewable energy, and supports electrical grids and local communities.

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