SYDNEY, Australia, February 13, 2023 (GLOBE NEWSWIRE) — Iris Energy Limited IRISH (together with its subsidiaries, “Iris Energy”, “the Company” or “the Group”), a leading owner and operator of high-efficiency, institutional-scale bitcoin mining data centers powered by 100% renewable energy, announced today that he increased his number his self-mining capacity from 2.0 EH/s to 5.5 EH/s.

Key Highlights

• $67 million of Bitmain’s remaining upfront payments were used to acquire 4.4 EH/s new S19j Pro-Miner with no additional cash outlay
• Newly acquired miners to be installed in the company’s data centers increase the operational capacity of self-mining from 2.0 EH/s¹ to 5.5 EH/s in the coming months
• Considering options to sell excess miners to reinvest in growth initiatives and/or corporate purposes
  

Iris Energy has successfully utilized the remaining $67 million in upfront payments under its 10 EH/s contract with Bitmain, including a concurrent sale of 2.3 EH/s of the remaining 6.7 EH/s held under Contracted to a third party to acquire 4.4 EH/s of new S19j Pro miners with no additional cash outlay.

The Company’s 180 MW data center capacity in British Columbia and Texas is expected to power 5.5 EH/s of high-efficiency S19j Pro-Miners (29.5 J/TH) over the coming months.

The transaction meets the company’s stated goal of leveraging its data centers for 5.5 EH/s of self-mining capacity and is expected to deliver significantly higher revenue growth compared to the third-party hosting alternative – see recently Investors update For more information.

The Company is also considering options to sell excess miners (above 5.5 EH/s captive mining capacity) to reinvest in growth initiatives and/or corporate purposes.

Following the transaction, the group’s obligations under its existing 10 EH/s contract with Bitmain were fully dissolved, with no remaining obligations. The group remains debt-free².

The Company also expects to power its 600 MW Childress site in…