IREN Expands Bitcoin Mining Operations and Data Centers
Iris Energy Limited Rebrands as IREN
IREN, formerly known as Iris Energy Limited, specializes in next-generation data center operations for mining and AI services. In their February 2024 update, they reported significant growth in Bitcoin mining and outlined expansion plans for their data centers.
Record-breaking Bitcoin Mining Performance
IREN achieved a record operating hashrate of 7 EH/s in February, mining 310 Bitcoin. This led to a monthly mining revenue of $15.2 million, driven by a higher hashrate and a rise in Bitcoin price to around $49,100. The company aims to expand its hashrate to 20 EH/s by the end of 2024.
AI Cloud Services Division Expansion
The company’s AI Cloud Services division signed a contract with poolside AI to triple its business by adding 816 NVIDIA H100 GPUs. The initial contract term is three months, with a possible three-month extension.
Data Center Expansion Plans
IREN plans to increase its data center capacity to 460MW in 2024. Childress Phase 1 in Texas is already operational at 60MW, with an additional 40MW to be commissioned soon. Phases 2 and 3, supporting the hashrate expansion, are under construction.
Financial Performance and Market Outlook
Despite recent stock price volatility, IREN boasts a gross profit margin of 85.52% and expects profitability this year. With a revenue growth of 109.69% and a 92.8% stock return over the past year, the company shows promise. However, investors should be prepared for market fluctuations.
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