Bitcoin miner and high-performance computing (HPC) agency Iris Power Restricted has secured 10 exahash per second (EH/s) of Bitmain’s S21 XP Antminers, positioning the bitcoin mining firm to succeed in 30 EH/s by the top of 2024.
Iris Power Expands Mining Capability and AI Cloud Providers
Iris Power Restricted (Nasdaq: IREN) reported report monetary outcomes for the fiscal 12 months ending June 30, 2024, with notable enhancements throughout a number of metrics. The corporate achieved a report adjusted EBITDA of $54.7 million, a considerable enhance from $1.4 million within the earlier 12 months.
This progress was pushed by a surge in bitcoin mining income, which reached $184.1 million, up from $75.5 million in fiscal 12 months 2023. The rise in income is attributed to an expanded working hashrate and favorable bitcoin costs. In its operational highlights, Iris Power additional revealed that it had elevated its self-mining capability from 5.6 EH/s to 10 EH/s in the course of the fiscal 12 months.
The corporate’s transition to identify pricing for electrical energy in August 2024 is anticipated to optimize its energy prices, additional enhancing profitability. Iris Power’s current buy of 10.5 EH/s of Bitmain S21 XP Antminers helps its aim of attaining 30 EH/s by the top of 2024, with the primary shipments scheduled for October and November.
Iris secured the miners at a purchase order value of $21.5 per terahash, with 20% of the fee deferred till 9 months after transport. Trying forward, Iris Power is just not solely specializing in bitcoin (BTC) mining however can be persevering with to discover alternatives within the synthetic intelligence (AI) cloud providers market. The corporate has secured 816 Nvidia H100 GPUs to increase its AI choices, producing $3.1 million in income in FY24.
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