IREN Promotes Bitcoin Mining, Expands Data Centers Morinda News

© Reuters.

SYDNEY – Iris Energy Limited (NASDAQ: IREN), now renamed IREN, a company specializing in operating next-generation data centers for mining and AI services, today provided a monthly update for February 2024. The company reported significant growth in its Bitcoin mining operations and plans to expand its data center capacity.

In February, IREN reached a record operating hashrate of 7 EH/s and mined a total of 310 Bitcoin. This has contributed to an increase in monthly mining revenue to $15.2 million, due to the higher average hashrate and an increase in the price of Bitcoin to around $49,100. The company has set an ambitious goal of increasing its hashrate to 20 EH/s by 2024.

The company’s AI Cloud Services division signed a deal with Poolside AI and plans to triple its business by accelerating the addition of 816 NVIDIA (NASDAQ:) H100 GPUs. The contract term is initially three months, with the option of an extension for a further three months.

IREN’s data center expansion plans include a build-out to 460 MW in 2024, with Childress Phase 1 in Texas already operational at 60 MW and an additional 40 MW scheduled to be commissioned in the near future. Phases 2 and 3, which will support the expansion to 20 EH/s, are currently under construction, with construction and procurement work underway.

The company’s renaming from Iris Energy to IREN is intended to better reflect its growing data center business. In parallel with this update, on February 15, 2024, IREN released its second quarter financial results for the periods ending December 31, 2023.

Looking forward, IREN is scheduled to participate in several industry events, including the 36th Annual ROTH Conference, NVIDIA GTC and Bitcoin Alive in March 2024.

This news is based on a press release from IREN.

Investing Pro Insights

As IREN continues to expand its operations and redefine its brand, it is important to consider the company’s financial health and market performance. According to InvestingPro data, IREN has posted an impressive gross profit margin of 85.52% over the last twelve months (as of Q2 2024), highlighting the company’s efficiency in managing its operating costs relative to revenue.

Although IREN has not made a profit in the last twelve months, analysts expect IREN to make a profit this year. This optimistic outlook is supported by a notable sales growth of 109.69% over the same period, indicating a strong upward trend for the company’s top line. Additionally, the company’s stock posted a remarkable return of 92.8% over the last year, reflecting investor confidence and market dynamics.

Although these numbers suggest a promising future, investors should note that IREN’s share price movements have been quite volatile, recording a decline of 15.87% over the last week. This volatility suggests that potential investors should be prepared for fluctuations in the market value of their investments.

For those who want to delve deeper into IREN’s financials and market outlook, there are more InvestingPro Tips available. These tips can provide valuable insight into the company’s cash reserves, revenue growth expectations, and analyst earnings revisions. With this detailed analysis, investors can make more informed decisions about their investments in IREN.

Interested readers can get more insights and tips by subscribing to InvestingPro. Use voucher code PRONEWS24 to get an additional 10% off an annual or two-year Pro and Pro+ subscription and explore the full range of 15 additional subscriptions InvestingPro

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