© Reuters.
SYDNEY – Iris Energy Limited (NASDAQ: IREN), now rebranded as IREN, a company specializing in next-generation data center operations for mining and artificial intelligence services, today provided a monthly update for February 2024. The company reported significant growth in its Bitcoin mining operations and expansion plans for its data center capacity.
In February, IREN achieved a record operating hashrate of 7 EH/s, mining a total of 310 Bitcoin. This has contributed to a monthly increase in mining revenue to $15.2 million, attributed to the higher average hashrate and an increase in the price of Bitcoin to approximately $49,100. The company has set the ambitious goal of expanding its hash rate to 20 EH/s in 2024.
The company's AI Cloud Services division signed a contract with AI Poolside and plans to triple its business by accelerating the addition of 816 NVIDIA GPUs (NASDAQ 🙂 H100. The initial contract duration is three months, with the option to extend for another three.
IREN's data center expansion plans include growth to 460 MW in 2024, with Childress Phase 1 in Texas already operational at 60 MW and an additional 40 MW to be commissioned in the near future. Phases 2 and 3, which will support the expansion to 20 EH/s, are currently under construction, and civil and procurement work is underway.
The company's rebranding from Iris Energy to IREN is intended to better reflect its growing data center business. Along with this update, IREN published its second quarter financial results on February 15, 2024, for the periods ending December 31, 2023.
Looking ahead, IREN plans to participate in several industry events, including the 36th Annual ROTH Conference, NVIDIA GTC, and Bitcoin Alive in March 2024.
This news is based on a press release from IREN.
InvestingPro Insights
As IREN continues to expand its operations and redefine its brand, it is important to consider the company's financial health and market performance. According to data from InvestingPro, IREN boasts an impressive gross profit margin of 85.52% for the trailing twelve months to Q2 2024, underscoring the company's efficiency in managing its operating costs relative to income.
Despite not being profitable in the last twelve months, analysts predict that IREN will turn a profit this year. This optimistic outlook is supported by a substantial revenue growth of 109.69% over the same period, indicating a strong upward trajectory for the company's sales. Furthermore, the company's shares have seen a significant return of 92.8% over the past year, reflecting investor confidence and market momentum.
While these figures point towards a promising future, investors should note that IREN share price movements have been quite volatile, with a decline of 15.87% over the last week. This volatility suggests that potential investors should be prepared for fluctuations in the market value of their investments.
For those looking for a deeper dive into IREN's financial and market outlook, there is additional information InvestingPro Tips available. These tips can provide valuable information about the company's cash reserves, sales growth expectations, and analyst earnings revisions. With this in-depth analysis, investors can make more informed decisions about their IREN investments.
Interested readers can get more information and advice by subscribing to InvestingPro. Use coupon code FORECASTS24 to get an extra 10% off an annual or bi-annual Pro and Pro+ subscription and explore the full range of 15 additional InvestingPro tips for IREN at
This article was generated with the support of AI and reviewed by an editor. For more information consult our T&C.
