SYDNEY - Iris Energy Limited (NASDAQ: IREN), a renewable energy-powered Bitcoin mining company, has released its January 2024 monthly investor update, highlighting an increase in operating capacity and detailing expansion plans. The update, based on a press release statement, reports a rise in operating hashrate from 5.6 EH/s to 6.2 EH/s as of Monday, with further growth anticipated throughout the year.
The company, which operates Bitcoin mining centers using 100% renewable energy, mined 341 Bitcoins in January, generating revenue of $14.466M. Despite a slight decrease in revenue compared to December, due to lower network transaction fees, Iris Energy remains focused on scaling operations. It has ongoing construction at its Childress, Texas site, with phase one set to bring capacity to 10 EH/s in the first half of 2024, and phases two and three aiming for a 20 EH/s target by the second half of the year.
Iris Energy's expansion includes an agreement with hardware supplier Bitmain to secure 10 EH/s of new T21 miners at a fixed price, enhancing the overall fleet efficiency to 21.9 J/TH. The company will decide whether to exercise additional miner purchase options based on market conditions and funding availability.
The Childress facility has seen progress with its current expansion, and the company's other sites in British Columbia, Canada, have been operating with renewable energy since their inception. Community engagement efforts were also highlighted, with a recent visit from Texas Senator Charles Perry to the Childress data center.
Iris Energy's strategic growth is underscored by its commitment to sustainability and long-term operational control over its assets. The company's management team brings extensive experience in energy, infrastructure, and digital assets, positioning Iris Energy as a key player in the sustainable Bitcoin mining industry.
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