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 January 2024, containing its results from operations as well as
business updates.
Key Highlights1
Key metrics2 |
Jan-24 |
Average operating hashrate (PH/s) |
5,642 |
Bitcoin mined |
341 |
Mining revenue (US$’000) |
14,466 |
Electricity costs (US$’000)3 |
6,376 |
Revenue per Bitcoin (US$) |
42,436 |
Electricity costs per Bitcoin (US$) |
18,705 |
- H1 2024 –
expansion to 10 EH/s ongoing
- Operating capacity
increased from 5.6 EH/s to 6.2 EH/s as of February 6, 2024
- 3.8 EH/s to be
shipped and installed in coming months
- 0.9 EH/s of Bitmain
S21 miners to be shipped shortly
- Overall fleet
efficiency to improve to 24.8 J/TH
- H2 2024 –
pathway from 10 EH/s to 20 EH/s
- 1 EH/s of Bitmain
T21 miners purchased
- 9 EH/s of
additional Bitmain T21 miner purchase options at $14/TH
- Overall fleet
efficiency to improve to 21.9 J/TH
- Childress
construction progress
- Phase 1 (expansion
to 10 EH/s) – on track for H1 2024
- Phase 2-3
(expansion to 20 EH/s) – site civils & procurement underway for
H2 2024 completion
Corporate update
During the month, the Company provided updates
on its near-term expansion to 10 EH/s and pathway to 20 EH/s in
2024.
On January 16, 2024, the Company announced it
entered into an agreement with Bitmain to secure 10 EH/s of new T21
miners in 2024 at a fixed price of $14/TH/s4, comprising 1 EH/s of
additional miner purchases and 9 EH/s of miner purchase options
exercisable in H2 2024.
If the miner purchase options are exercised in
full, overall fleet efficiency for 20 EH/s would improve to 21.9
J/TH. Decisions with respect to exercising all, some or none of the
miner purchase options will be made during 2024, taking into
consideration market conditions, shareholder value and funding
availability.
The full announcements can be accessed via the
following link.
Canal Flats (0.8 EH/s, 30MW capacity) –
BC, CanadaCanal Flats has been powered by 100% renewable
energy since inception5.The project achieved average monthly
operating hashrate of 838 PH/s in January compared to 829 PH/s last
month.
Mackenzie (2.6 EH/s, 80MW capacity) –
BC, CanadaMackenzie has been powered by 100% renewable
energy since inception5.The project achieved average monthly
operating hashrate of 2,578 PH/s in January compared to 2,574 PH/s
last month.
Prince George (1.6 EH/s, 50MW capacity)
– BC, CanadaPrince George has been powered by 100%
renewable energy since inception5.The project achieved average
monthly operating hashrate of 1,498 PH/s in January compared to
1,568 PH/s last month. During the month, the operations team
conducted scheduled substation maintenance work at Prince
George.
Childress update (1.1 EH/s, 40MW
operational / 260MW under construction) – Texas,
USAChildress has been powered by 100% renewable energy
since inception via the purchase of RECs.The project
achieved average monthly operating hashrate of 727 PH/s in January
compared to 604 PH/s last month, with the increase due to the
installation of miners as part of the near-term expansion to 10
EH/s.Construction at Childress is progressing ahead of
schedule:
- Phase 1 (100MW)
- DC 1: operating
since April 2023
- DC 2: energized
with miner installation commenced; approximately 0.5 EH/s
operational
- DC 3: building and
miner racking installation complete; electrical installation
ongoing
- DC 4: building
structure complete; miner racking and electrical installation
ongoing
- DC 5: concrete
foundations complete; building structure assembly ongoing
- Childress Phase 2-3
(200MW)
- Site civil works
commenced for Phase 2
- Electrical
procurement underway, including first 138kV transformer on site and
second 138kV transformer on order
Future development sitesIn
addition to the Company’s 2,160MW of announced power capacity,
development works also continued across additional sites in Canada,
the USA and Asia-Pacific, which have the potential to support up to
an additional >1,000MW of aggregate capacity.
Community engagementIris Energy hosted Texas
Senator Charles Perry on a tour of the Childress data center
facility, which showcased the Company’s commitment to creating
local jobs, contracting local suppliers and investing in the
community.
Operating and financial results
Daily average operating hashrate chart is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/5b1b74eb-9371-4117-b03f-95db0d591626
The operations team conducted scheduled substation maintenance
work at Prince George in early January which resulted in a
temporary reduction in operating hashrate.
Technical commentary
The Company’s average operating hashrate was
5,642 PH/s in January (compared to 5,576 PH/s in December) with the
increase due to installation of miners at Childress. The Company
recorded lower revenue ($14.5m vs. $17.2m in December) which was
primarily attributable to lower network transaction fees.
The increase in electricity costs per Bitcoin
mined ($18.7k vs. $14.9k in December) was primarily attributable to
lower network transaction fees as well as higher electricity prices
and reduced market volatility at Childress (lower energy trading
proceeds), noting the Company retains flexibility to reduce future
power costs through adjusting miner output in response to changes
in mining economics.
Operating |
Nov-23 |
Dec-23 |
Jan-24 |
Renewable energy usage
(MW)5,6 |
164 |
161 |
163 |
Avg operating hashrate (PH/s) |
5,551 |
5,576 |
5,642 |
Financial (unaudited)2 |
Nov-23 |
Dec-23 |
Jan-24 |
Bitcoin mined |
369 |
399 |
341 |
Mining revenue (US$’000) |
13,714 |
17,174 |
14,466 |
Electricity costs (US$’000)3 |
5,730 |
5,926 |
6,376 |
Revenue per Bitcoin (US$) |
37,155 |
43,056 |
42,436 |
Electricity costs per Bitcoin (US$) |
15,524 |
14,858 |
18,705 |
Site |
Capacity (MW) |
Capacity(EH/s)7 |
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 |
Childress Phase 1 (Texas, USA) |
40 |
1.1 |
Complete |
Operating |
Total Operating |
200 |
6.2 |
|
|
Childress Phase 1 (Texas, USA) |
60 |
3.88 |
H1 20249 |
Under construction |
Childress Phase 2-3 (Texas, USA) |
200 |
10.010 |
H2 2024 |
Under construction |
Total Operating & Construction |
460 |
20.0 |
|
|
Childress Phase 4-6 (Texas, USA) |
300 |
|
TBD |
Power available |
Development Site (Texas, USA) |
1,400 |
|
Late 2026 |
Connection underway |
Total Capacity |
2,160 |
|
|
|
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 its ability
to diversify into the market for 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 HPC solutions that Iris Energy offers; Iris Energy’s ability
to secure and retain customers on commercially reasonable terms or
at all, particularly as it relates to its strategy to expand into
HPC solutions; Iris Energy’s ability to manage counterparty risk
(including credit risk) associated with any current or future
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 any current or future customers or other
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 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 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 January 2024 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). 3 The Company’s Childress site generated ~US$0.1
million of power sales in January (~3 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.5 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.6 Comprises actual power usage
for Canal Flats, Mackenzie, Prince George, and Childress.7 Reflects
estimated hashrate capacity by site assuming full utilization of
existing available data center capacity with Bitmain S19j Pro
miners, except where otherwise stated.8 Reflects estimated hashrate
capacity of the previously announced purchases of Bitmain S21
miners (0.9 EH/s) and T21 miners (2.9 EH/s).9 Indicative timing for
commencement of delivery of data centers.10 Reflects
estimated hashrate capacity with additional 1 EH/s Bitmain T21
miner purchase and assuming the full exercise of the previously
announced 9 EH/s Bitmain T21 miner purchase options.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ff93216a-0922-43f1-830e-4e6356183535https://www.globenewswire.com/NewsRoom/AttachmentNg/a0ea81ae-310a-47f6-b71c-93b4008c176ahttps://www.globenewswire.com/NewsRoom/AttachmentNg/5b1b74eb-9371-4117-b03f-95db0d591626
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