IREN Limited Boosts Bitcoin Mining Capacity by 33% to 28 EH/s

IREN Limited Enhances Mining Capacity Significantly

IREN Limited (NASDAQ: IREN) has made headlines recently with a remarkable increase in its self-mining capacity, raising it by 33% to an impressive 28 EH/s. This significant boost comes following the energization of the company’s Childress Phase 3 substation, a vital step in their expansion strategy.

Growth to 31 EH/s on the Horizon

The firm plans to further enhance its capacity to 31 EH/s in the near term. The move from 21 EH/s to 28 EH/s not only showcases IREN's commitment to scaling operations but also reflects their efficiency and innovative strategies in the cryptocurrency mining sector.

Current Capabilities and Infrastructure

IREN has ensured a robust miner inventory to achieve their goal of 31 EH/s. Among the highlights of their infrastructure development are:

• Successful construction of data centers: Four data center buildings have been energized and are currently operational, while two more are nearing completion.
• Steady progress: The completion of the remaining buildings is expected within this month, incrementally pushing their mining capabilities forward.

Advancing to 50 EH/s by Mid-2025

Looking ahead, IREN is poised to continue its trajectory of growth, eyeing an expansion to 50 EH/s and an overall capacity of 810 MW across their data centers by the first half of 2025. This plan represents an acceleration from earlier projections that targeted mid to late 2025.

Key Factors Driving Expansion

Factors underpinning this ambitious growth include:

• Childress site expansions: The company is investing in substantial expansions at this site with future phases adding over 300 MW.
• Proactive construction plans: IREN is prepared to construct approximately 50 MW of new data centers each month, increasing its operational footprint significantly.
• Strategic hardware acquisitions: They have secured S21 Pro miners at a fixed price, highlighting the control they have over their operational costs.

IREN’s Competitive Edge

Active in the dynamic landscape of Bitcoin mining, IREN positions itself as a competitive player with outstanding fleet efficiency and cost advantage. The current all-in cash cost per Bitcoin is around $29,000, bolstered by smart operational practices and low power costs.

Investment in Sustainable Growth

The company prides itself on utilizing 100% renewable energy for its operations, providing a significant advantage in an industry increasingly focused on sustainability. Here’s what sets IREN apart:

• Bitcoin Mining: Security and stability for the Bitcoin network with plans to enhance mining capabilities.
• AI Cloud Services: Leveraging cutting-edge technology to serve AI customers with advanced cloud computing solutions.
• Development Portfolio: Extensive power resources and properties ensure a strong footing for future expansions.

Contacting IREN

For further details on IREN’s strategic growth, please reach out to:

Media Inquiries:

Jon Snowball
Sodali & Co
+61 477 946 068

Megan Boles
Aircover Communications
+1 562 537 7131

Investor Relations:

Lincoln Tan
IREN
+61 407 423 395

Frequently Asked Questions

What is IREN Limited's current mining capacity?

IREN Limited has increased its mining capacity to 28 EH/s.

What are the future expansion plans for IREN?

IREN plans to expand its capacity to 31 EH/s shortly and aims for 50 EH/s by mid-2025.

What makes IREN's operations competitive?

IREN benefits from best-in-class fleet efficiency, low electricity costs, and focuses on renewable energy.

What is the all-in cash cost per Bitcoin for IREN?

The current all-in cash cost per Bitcoin is approximately $29,000.

How can I contact IREN for more information?

You can contact IREN through their media or investor relations contacts provided above.

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