© Reuters.
SYDNEY – Iris Energy Limited (NASDAQ: IREN), a data center company specializing in mining and AI cloud services, announced its operational expansion plans by 2024, aiming to reach 20 EH hashrate capacity /s.
The company, which operates with 100% renewable energy, reported that it has already increased its operating hashrate to 7 EH/s and plans to put the remaining 3 EH/s into operation in the first half of the year.
The second half of 2024 is expected to see a significant scale-up of operations, with an additional 10 EH/s of new Bitmain T21 miners secured through fixed-price contracts. This expansion is combined with a 200 MW increase at its existing Childress data center. Iris Energy's current operating capacity is 220 MW, with plans to expand to 460 MW within a year.
The company's growth strategy also includes the expansion of its cloud AI services, leveraging 816 NVIDIA (NASDAQ 🙂 H100) GPUs. Its development pipeline features 2,160 MW of secured electrical capacity across North America and a portfolio of properties exceeding 1,000 acres, along with an additional development portfolio.
Iris Energy's commitment to renewable energy targets underutilized sources and aims to support electricity grids and local communities. The company's technology stack is designed to optimize the performance of its AI cloud services, Bitcoin mining and energy trading operations.
These forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors influencing these projections include Bitcoin price fluctuations, the company's ability to raise additional capital, the success of growth strategies, and the ability to acquire customers, among others.
This trading update is based on a press release from Iris Energy Limited. The Company's strategy and operating objectives are subject to change based on market conditions, shareholder value considerations and availability of financing. Decisions on Childress expansion and miner purchase options are expected to be made throughout 2024.
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