Bitcoin miner and high-performance computing (HPC) agency Iris Power Restricted has secured 10 exahash per second (EH/s) of Bitmain’s S21 XP Antminers, positioning the bitcoin mining firm to succeed in 30 EH/s by the top of 2024.
Iris Power Expands Mining Capability and AI Cloud Providers
Iris Power Restricted (Nasdaq: IREN) reported file monetary outcomes for the fiscal 12 months ending June 30, 2024, with notable enhancements throughout a number of metrics. The corporate achieved a file adjusted EBITDA of $54.7 million, a considerable improve from $1.4 million within the earlier 12 months.
This development was pushed by a surge in bitcoin mining income, which reached $184.1 million, up from $75.5 million in fiscal 12 months 2023. The rise in income is attributed to an expanded working hashrate and favorable bitcoin costs. In its operational highlights, Iris Power additional revealed that it had elevated its self-mining capability from 5.6 EH/s to 10 EH/s throughout the fiscal 12 months.
The corporate’s transition to identify pricing for electrical energy in August 2024 is anticipated to optimize its energy prices, additional enhancing profitability. Iris Power’s current buy of 10.5 EH/s of Bitmain S21 XP Antminers helps its aim of reaching 30 EH/s by the top of 2024, with the primary shipments scheduled for October and November.
Iris secured the miners at a purchase order value of $21.5 per terahash, with 20% of the cost deferred till 9 months after delivery. Wanting forward, Iris Power will not be solely specializing in bitcoin (BTC) mining however can be persevering with to discover alternatives within the synthetic intelligence (AI) cloud providers market. The corporate has secured 816 Nvidia H100 GPUs to broaden its AI choices, producing $3.1 million in income in FY24.
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