Iris Energy Limited (NASDAQ: IREN) ("Iris Energy" or "the
Company"), a leading owner and operator of institutional-grade,
highly efficient proprietary Bitcoin mining data centers powered by
100% renewable energy, today published a monthly investor update
for October 2023, containing its results from operations as well as
business updates.
Key Highlights1
Key metrics2 |
Oct-23 |
Average operating hashrate (PH/s) |
5,571 |
Bitcoin mined |
376 |
Mining revenue (US$’000) |
11,159 |
Electricity costs (US$’000)3 |
5,868 |
Revenue per Bitcoin (US$) |
29,673 |
Electricity costs per Bitcoin (US$) |
15,604 |
- Partnership with
WEKA to optimize generative AI workloads
- Provides innovative
storage solutions for generative AI and performance-intensive
workloads
- Enables optimized
GPU-stack storage performance within Iris Energy’s data
centers
- Near-term
expansion on track to 9.4 EH/s
- Acquired 1.4 EH/s
of latest-generation Bitmain S21 miners
- Total consideration
of $14/TH4 (~$2/TH deferred until one year after shipment)
- Leading 17.5 J/TH
efficiency to improve resilience post-halving
- Funded from
existing capital sources, including cash at bank of ~$64
million5
- Childress (Phase 1)
construction remains on track, providing near-term expansion to 9.4
EH/s6
- Childress
construction (Phase 1, first 100MW)
- DC 1: operating
since April 2023
- DC 2: racking and
electrical installation commenced
- DC 3: structure and
internal framing commenced
- DC 4: concrete
foundations commenced
- DC 5: earthworks
complete
Corporate update
Partnership with WEKA to optimize generative AI
workloads
On October 24, 2023, the Company announced it is
partnering with WEKA, the data platform software provider for
performance-intensive workloads, as part of its entry into the
generative AI market.
As part of the partnership, Iris Energy will
utilize the WEKA® Data Platform to provide storage and data
management solutions for generative AI and performance-intensive
workloads.
Expected to provide a high-performance solution
for GPU optimization within the Company’s data centers that is
simple, scalable, sustainable and secure.
The update can be accessed via the following
link.
Near-term expansion on track to 9.4 EH/s
On October 6, 2023, the Company announced the
acquisition of 1.4 EH/s of latest-generation Bitmain S21 miners as
part of its near-term expansion to 9.4 EH/s6.
The key highlights are:
-
Increasing self-mining capacity by 25% from 5.6 EH/s to 7.0
EH/s
-
Total consideration of $19.6 million ($14/TH)4 – of which $2.9
million (~$2/TH) is deferred until one year after
shipment
-
Leading 17.5 J/TH efficiency to improve resilience
post-halving
-
Childress (Phase 1) construction remains on track, providing
near-term expansion to 9.4 EH/s6
The purchase is expected to be funded from
existing capital sources, including cash in bank (~$64 million, no
debt)5, operating cash flow and other recently disclosed funding
programs (as applicable).
The update can be accessed via the following
link.
Analyst site visit (Childress, Texas)
The Company hosted 7 coverage banks on an
analyst site visit to Childress, Texas.
The site tour showcased the:
-
Construction progress for Phase 1 (first 100MW)
-
Company’s technological and operational excellence which is driving
leading uptime and energy trading capabilities
-
Company’s commitment and contribution to the local community
Canal Flats update (0.8 EH/s, 30MW
capacity) – BC, Canada
Canal Flats has been powered by 100% renewable
energy since inception7.
The project achieved average monthly operating
hashrate of 841 PH/s in October compared to 835 PH/s last
month.
Mackenzie update (2.6 EH/s, 80MW
capacity) – BC, Canada
Mackenzie has been powered by 100% renewable
energy since inception7.
The project achieved average monthly operating
hashrate of 2,581 PH/s in October compared to 2,607 PH/s last
month.
Prince George update (1.6 EH/s, 50MW
capacity) – BC, Canada
Prince George has been powered by 100% renewable
energy since inception7.
The project achieved average monthly operating
hashrate of 1,610 PH/s in October compared to 1,617 PH/s last
month.
Childress update (0.6 EH/s, 20MW
operating / 80MW under construction) – Texas, USA
Childress has been powered by 100% renewable
energy since inception via the purchase of RECs.
The project achieved average monthly operating
hashrate of 539 PH/s in October compared to 495 PH/s last
month.
Construction for the remainder of Phase 1
(100MW) remains on track with:
- DC 1: operating
since April 2023
-
DC 2: structure and internal framing complete; racking and
electrical installation commenced
-
DC 3: structure and internal framing commenced
-
DC 4: concrete foundations commenced
-
DC 5: earthworks complete
The Company’s ownership of key infrastructure
and significant land holdings provides a rapid and efficient growth
pathway, with 600MW of total power capacity immediately available
at the site.
Community engagement
Iris Energy was pleased to host the inaugural
Community Grants Recipient Event in Prince George, BC. During the
event over C$59,000 was presented to 10 local non-profit
organizations, including Lheidli T’enneh Nation (community), Prince
George CRC Community Gardens, Spinal Cord Injury BC, and Northern
Adapted Sports Association.
The Company donated to the Mackenzie Chamber of
Commerce’s BC Ambulance Service Hallowe’en Event which supported
paramedics handing out treats to children in Mackenzie.
Future development sites
Development works continued across additional
sites in Canada, the USA and Asia-Pacific, which have the potential
to support up to an additional >1GW of aggregate capacity that
can power growth beyond the Company’s 760MW of announced
capacity.
Operating and financial results
Daily average operating hashrate chart is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/e3081d69-8dc0-446a-8465-b6c63548ef2d
Technical commentary
The Company recorded higher revenue ($11.2m vs.
$10.3m in September) and average operating hashrate (5,571 PH/s vs.
5,554 PH/s in September). The decrease in Bitcoin mined (376 vs.
390 in September) was primarily attributable to an increase in
network difficulty. The increase in electricity costs per Bitcoin
($15.6k vs. $13.7k in September) was attributable to lower energy
trading proceeds at Childress as well as an increase in network
difficulty compared to September, noting the Company retains
flexibility to reduce future power costs through adjusting miner
output in response to changes in mining economics.
Operating |
Aug-23 |
Sep-23 |
Oct-23 |
Renewable energy usage
(MW)7,8 |
168 |
168 |
166 |
Avg operating hashrate (PH/s) |
5,493 |
5,554 |
5,571 |
Financial (unaudited)2 |
Aug-23 |
Sep-23 |
Oct-23 |
Bitcoin mined |
410 |
390 |
376 |
Mining revenue (US$’000) |
11,459 |
10,278 |
11,159 |
Electricity costs (US$’000)3 |
4,342 |
5,354 |
5,868 |
Revenue per Bitcoin (US$) |
27,937 |
26,331 |
29,673 |
Electricity costs per Bitcoin (US$) |
10,586 |
13,717 |
15,604 |
Site |
Capacity (MW) |
Capacity(EH/s)9 |
Timing |
Status |
Canal Flats (BC, Canada) |
30 |
0.8 |
Complete |
Operating |
Mackenzie (BC, Canada) |
80 |
2.6 |
Complete |
Operating |
Prince George (BC, Canada) |
50 |
1.6 |
Complete |
Operating |
Total (BC, Canada) |
160 |
5.0 |
|
|
Childress (Texas, USA) |
20 |
0.6 |
Complete |
Operating |
Total Operating (Canada & USA) |
180 |
5.6 |
|
|
Childress (Texas, USA) |
80 |
3.86 |
Early 202410 |
Under construction |
Total (Canada & USA) |
260 |
9.4 |
|
|
About Iris Energy
Iris Energy is a sustainable Bitcoin mining
company that supports the decarbonization of energy markets and the
global Bitcoin network.
- 100% renewables:
Iris Energy targets sites with low-cost, under-utilized renewable
energy, and supports local communities
- Long-term security
over infrastructure, land and power supply: Iris Energy builds,
owns and operates its electrical infrastructure and proprietary
data centers, providing long-term security and operational control
over its assets
- Seasoned management
team: Iris Energy’s team has an impressive track record of success
across energy, infrastructure, renewables, finance, digital assets
and data centers with cumulative experience in delivering >$25bn
in energy and infrastructure projects globally
Forward-Looking Statements
This investor update includes “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally relate to
future events or Iris Energy’s future financial or operating
performance. For example, forward-looking statements include but
are not limited to the Company’s business strategy, expected
operational and financial results, and expected increase in power
capacity and hashrate. In some cases, you can identify
forward-looking statements by terminology such as “anticipate,”
“believe,” “may,” “can,” “should,” “could,” “might,” “plan,”
“possible,” “project,” “strive,” “budget,” “forecast,” “expect,”
“intend,” “target”, “will,” “estimate,” “predict,” “potential,”
“continue,” “scheduled” or the negatives of these terms or
variations of them or similar terminology, but the absence of these
words does not mean that statement is not forward-looking. Such
forward-looking statements are subject to risks, uncertainties, and
other factors which could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
In addition, any statements or information that refer to
expectations, beliefs, plans, projections, objectives, performance
or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking.
These forward-looking statements are based on
management’s current expectations and beliefs. These statements are
neither promises nor guarantees, but involve known and unknown
risks, uncertainties and other important factors that may cause
Iris Energy’s actual results, performance or achievements to be
materially different from any future results performance or
achievements expressed or implied by the forward looking
statements, including, but not limited to: Bitcoin price and
foreign currency exchange rate fluctuations; Iris Energy’s ability
to obtain additional capital on commercially reasonable terms and
in a timely manner to meet our capital needs and facilitate its
expansion plans; the terms of any future financing or any
refinancing, restructuring or modification to the terms of any
future financing, which could require Iris Energy to comply with
onerous covenants or restrictions, and its ability to service its
debt obligations; Iris Energy’s ability to successfully execute on
its growth strategies and operating plans, including its ability to
continue to develop its existing data center sites and to increase
its diversification into the market for potential HPC solutions;
Iris Energy’s limited experience with respect to new markets it has
entered or may seek to enter, including the market for HPC
solutions; expectations with respect to the ongoing profitability,
viability, operability, security, popularity and public perceptions
of the Bitcoin network; expectations with respect to the
profitability, viability, operability, security, popularity and
public perceptions of any potential HPC solutions that Iris Energy
may offer in the future; Iris Energy’s ability to secure customers
on commercially reasonable terms or at all, particularly as it
relates to its potential expansion into HPC solutions; Iris
Energy’s ability to manage counterparty risk (including credit
risk) associated with potential customers and other counterparties;
Iris Energy’s ability to secure renewable energy and renewable
energy certificates, power capacity, facilities and sites on
commercially reasonable terms or at all; the risk that
counterparties may terminate, default on or underperform their
contractual obligations; Bitcoin network hashrate fluctuations;
delays associated with, or failure to obtain or complete,
permitting approvals, grid connections and other development
activities customary for greenfield or brownfield infrastructure
projects; our reliance on third party mining pools, exchanges,
banks, insurance providers and our ability to maintain
relationships with such parties; expectations regarding
availability and pricing of electricity; Iris Energy’s
participation and ability to successfully participate in demand
response products and services and other load management programs
run, operated or offered by electricity network operators,
regulators or electricity market operators; the availability,
reliability and cost of electricity supply, hardware and electrical
and data center infrastructure, including with respect to any
electricity outages and any laws and regulations that may restrict
the electricity supply available to Iris Energy; any variance
between the actual operating performance of Iris Energy’s hardware
achieved compared to the nameplate performance including hashrate;
Iris Energy’s ability to curtail its electricity consumption and/or
monetize electricity depending on market conditions, including
changes in Bitcoin mining economics and prevailing electricity
prices; actions undertaken by electricity network and market
operators, regulators, governments or communities in the regions in
which Iris Energy operates; the availability, suitability,
reliability and cost of internet connections at Iris Energy’s
facilities; Iris Energy’s ability to secure additional hardware,
including hardware for Bitcoin mining and potential HPC solutions
it may offer, on commercially reasonable terms or at all, and any
delays or reductions in the supply of such hardware or increases in
the cost of procuring such hardware; expectations with respect to
the useful life and obsolescence of hardware (including hardware
for Bitcoin mining as well as hardware for other applications,
including HPC solutions); delays, increases in costs or reductions
in the supply of equipment used in Iris Energy’s operations; Iris
Energy’s ability to operate in an evolving regulatory environment;
Iris Energy’s ability to successfully operate and maintain its
property and infrastructure; reliability and performance of Iris
Energy’s infrastructure compared to expectations; malicious attacks
on Iris Energy’s property, infrastructure or IT systems; Iris
Energy’s ability to maintain in good standing the operating and
other permits and licenses required for its operations and
business; Iris Energy ability to obtain, maintain, protect and
enforce its intellectual property rights and other confidential
information; whether the secular trends Iris Energy expects to
drive growth in its business materialize to the degree it expects
them to, or at all; the occurrence of any environmental, health and
safety incidents at Iris Energy’s sites; any material costs
relating to environmental, health and safety requirements or
liabilities; damage to our property and infrastructure and the risk
that any insurance Iris Energy maintains may not fully cover all
potential exposures; ongoing securities litigation and proceedings
relating to the default by two of Iris Energy’s wholly-owned
special purpose vehicles under limited recourse equipment financing
facilities; ongoing securities litigation relating in part to the
default; and any future litigation, claims and/or regulatory
investigations, and the costs, expenses, use of resources,
diversion of management time and efforts, liability and damages
that may result therefrom; any laws, regulations and ethical
standards that may relate to Iris Energy’s business, including
those that relate to Bitcoin and the Bitcoin mining industry and
those that relate to any other solutions we may offer (such as
potential HPC solutions), including regulations related to data
privacy, cybersecurity and the storage, use or processing of
information; any intellectual property infringement and product
liability claims; our ability to attract, motivate and retain
senior management and qualified employees; increased risks to our
global operations including, but not limited to, political
instability, acts of terrorism, theft and vandalism, cyberattacks
and other cybersecurity incidents and unexpected regulatory and
economic sanctions changes, among other things; climate change and
natural and man-made disasters that may materially adversely affect
our business, financial condition and results of operations; the
ongoing effects of COVID-19 or any other outbreak of an infectious
disease and any governmental or industry measures taken in
response; our ability to remain competitive in dynamic and rapidly
evolving industries; damage to our brand and reputation; and other
important factors discussed under the caption “Risk Factors” in
Iris Energy’s annual report on Form 20-F filed with the SEC on
September 13, 2023 as such factors may be updated from time to time
in its other filings with the SEC, accessible on the SEC’s website
at www.sec.gov and the Investor Relations section of Iris Energy’s
website at https://investors.irisenergy.co.
These and other important factors could cause
actual results to differ materially from those indicated by the
forward-looking statements made in this investor update. Any
forward-looking statement that Iris Energy makes in this investor
update speaks only as of the date of such statement. Except as
required by law, Iris Energy disclaims any obligation to update or
revise, or to publicly announce any update or revision to, any of
the forward-looking statements, whether as a result of new
information, future events or otherwise.
Preliminary Financial
Information
The preliminary financial information for the
month of October 2023 included in this investor update is not
subject to the same closing procedures as our unaudited quarterly
financial results and has not been reviewed by our independent
registered public accounting firm. The preliminary financial
information included in this investor update does not represent a
comprehensive statement of our financial results or financial
position and should not be viewed as a substitute for unaudited
financial statements prepared in accordance with International
Financial Reporting Standards. Accordingly, you should not place
undue reliance on the preliminary financial information included in
this investor update.
Contacts
MediaJon SnowballDomestique+61 477 946 068
InvestorsLincoln TanIris Energy+61 407 423
395lincoln.tan@irisenergy.co
To keep updated on Iris Energy’s news releases and SEC filings,
please subscribe to email alerts at
https://investors.irisenergy.co/ir-resources/email-alerts.
________________________1 All timing references in this investor
update are to calendar months, in each case unless otherwise
specified.2 Bitcoin and Bitcoin mined in this investor update are
presented in accordance with our revenue recognition policy which
is determined on a Bitcoin received basis (post deduction of mining
pool fees as applicable). Electricity costs exclude REC purchases.3
The Company’s Childress site generated ~US$203k of power sales in
October (~7 Bitcoin equivalent), which represents unaudited power
credits (primarily driven by voluntary curtailment) under hedge
contracts (based on current meter data and ERCOT real-time prices)
and are reflected within the electricity costs. Figures are based
on current internal estimates and exclude REC purchases.4 Purchase
price excludes shipping and taxes and is net of Bitmain bonuses and
coupon programs.5 Reflects USD equivalent, unaudited preliminary
cash, cash equivalents and term deposits as of September 30, 2023.6
Assumes future purchase and installation of Bitmain S19 XP miners
(beyond the announced 1.4 EH/s of Bitmain S21 miners). Additional
miners have not yet been purchased and the Company will continue to
monitor the market for funding and purchase opportunities. Hashrate
figures may change depending on miner procurement selection. There
can be no assurance that Iris Energy will be able to procure any
additional miners at all, or on terms that are favorable to Iris
Energy.7 The Company’s Canal Flats, Mackenzie and Prince George
sites have been powered by 100% renewable energy since inception of
which approximately 98% is directly from renewable energy sources;
approximately 2% is from the purchase of RECs. The Company’s
Childress site has been powered by 100% renewable energy since
inception via the purchase of RECs.8 Comprises actual power usage
for Canal Flats, Mackenzie, Prince George and Childress.9 Reflects
estimated hashrate capacity by site assuming full utilization of
existing available data center capacity with Bitmain S19j Pro
miners, except where otherwise stated.10 Indicative timing for
commencement of delivery of data centers.
Photos accompanying this announcement are available
athttps://www.globenewswire.com/NewsRoom/AttachmentNg/9917fe1e-028f-4646-9726-603f26aee5c1https://www.globenewswire.com/NewsRoom/AttachmentNg/53995517-06a7-417a-b670-abf15167665fhttps://www.globenewswire.com/NewsRoom/AttachmentNg/05cc09dc-dfbe-4c26-ae31-83a5203860bahttps://www.globenewswire.com/NewsRoom/AttachmentNg/63dd3e1b-ce22-48d3-9d60-34b5b80af5da
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