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© Reuters.
SYDNEY – Iris Energy Limited (NASDAQ: IREN), a data center company specializing in mining and AI cloud services, announced its operational expansion plans for 2024 aimed at achieving a hash rate capacity of 20 EH/s.
The 100% renewable energy company announced that it has already increased its operating hashrate to 7 EH/s and expects to bring the remaining 3 EH/s into operation in the first half of the year.
The second half of 2024 will see a significant expansion of operations, with an additional 10 EH/s of new Bitmain T21 miners secured under fixed-price contracts. This expansion is coupled with a 200 MW expansion of the existing Childress data center. Iris Energy’s current operating capacity is 220 MW, with plans to expand to 460 MW later this year.
The company’s growth strategy also includes expanding its AI cloud services using 816 NVIDIA (NASDAQ:) H100 GPUs. Its development portfolio includes 2,160 MW of secured power capacity across North America and a real estate portfolio of more than 1,000 acres, as well as an additional development pipeline.
Iris Energy’s commitment to renewable energy targets underutilized sources and aims to support power grids and local communities. The company’s technology stack is designed to optimize the performance of its AI cloud services, Bitcoin mining and energy trading activities.
These forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involve risks and uncertainties that could cause actual results to differ materially from those projected. Factors affecting these forecasts include, but are not limited to, Bitcoin price fluctuations, the Company’s ability to obtain additional capital, the success of growth strategies, and the ability to attract customers.
This business update is based on a press release from Iris Energy Limited. The Company’s strategy and operational objectives may change depending on market conditions, shareholder value considerations and the availability of financing. Decisions on Childress expansion and miner purchase options are expected to be made during 2024.
This article was created with the assistance of AI and reviewed by an editor. More information can be found in our terms and conditions.
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