Iris Energy expands self-mining capacity to 5.5 EH/s

Iris Energy Limited, a leading operator of institutional-grade Bitcoin mining data centers powered by 100% renewable energy, said Feb. 13 that it is increasing its self-mining capacity from 2.0 EH/s to 5.5 EH/s. 

This increase is due to the successful utilization of remaining Bitmain prepayments of $67 million, which allowed the company to acquire 4.4 EH/s of new S19j Pro miners without any additional cash outlay. 

The newly acquired miners are set to be installed in the company’s data centers, located in British Columbia and Texas, will be installed over the coming months, the company said, and are expected to deliver higher revenue growth compared to third-party hosting.

Iris is also considering options for the sale of surplus miners, which are above the self-mining capacity of 5.5 EH/s, in order to re-invest in growth initiatives and/or for other corporate purposes. 

The transaction has fully resolved the company’s obligations under its existing 10 EH/s contract with Bitmain and has left the company debt-free, which according to its Dec. 2022 investor update, is expected to translate to substantially higher revenue this year. 

By comparison, the company also expects the energization of its 600MW site at Childress, including the completion of the first 20MW of data center capacity, in the coming months, which is expected to result in the refund of approximately $18 million in previous deposits with AEP Texas.

Co-Founder and Co-CEO of Iris Energy, Daniel Roberts, stated: “This is a significant milestone for Iris Energy. We are delighted to have increased our self-mining capacity to 5.5 EH/s, all powered by 100% renewable energy data center infrastructure, and fully resolved our obligations under our contract with Bitmain.”

The news comes after FUD that Iris was nearing bankruptcy in Nov. 2022, fears that it addressed in a Dec. 2022 investor report. 

Founded in 2016, Iris Energy owns, leases and operates four high-megawatt green mining facilities in Canada and the United States, including a 180MW facility in British Columbia that is currently under construction, as well as additional facilities in Price George and Canal Flats, in addition to a new facility Childress County Texas, set to open this year, which will eventually be capable of mining 600MW. 

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