IREN Limited Celebrates Successful Mid-Year Mining Milestone

IREN Limited Achieves 50 EH/s Mining Capacity

IREN Limited (NASDAQ: IREN), a leader in the Bitcoin mining and AI infrastructure industry, has proudly announced the successful achievement of its mid-year target of 50 EH/s in installed self-mining capacity.

Significant Growth in Bitcoin Mining

Daniel Roberts, Co-Founder and Co-CEO of IREN, expressed pride in reaching this pivotal milestone, emphasizing the company's rapid growth and ability to effectively implement complex energy and data center solutions. Over a short span of just 30 months, IREN has remarkably scaled its operations to become one of the largest and most efficient Bitcoin miners worldwide.

Roberts noted, "With our 50 EH/s mining capacity in place, we are now focused on venturing into artificial intelligence infrastructure, applying the same strategic execution that has fueled our growth in Bitcoin mining."

The Childress Site as a Growth Foundation

Situated at IREN's 750MW Childress site, the foundational 50 EH/s milestone supports 650MW of operating capacity. This site is essential in driving IREN's future growth, with an additional 50MW liquid-cooled AI data center expected to launch in the latter part of the year 2025.

A Strong Business Model for Sustainable Growth

IREN's substantial mining operations are built on a framework that emphasizes scale, efficiency, and resilience in financial performance. These attributes are crucial as they enable the company to navigate Bitcoin market cycles and general market volatility effectively.

• Cost Efficiency: The company reported an all-in cash cost of $41,000 per Bitcoin mined, significantly bolstered by advanced technology achieving 15 J/TH efficiency and powered by affordable, renewable energy sources.
• Robust Cash Flows: IREN's model provides full exposure to Bitcoin's growth while protecting operations against downturns, allowing for sustained production even as other higher-cost miners cease operations.
• Real-time Revenue: Daily Bitcoin sales directly link revenue to operational performance, minimizing the influence of fluctuating market prices.
• Minimal Capital Expenditure: A recent refresh of mining fleet hardware has reduced capital requirements and maximized free cash flow.
• Flexible Financing Model: IREN relies solely on convertible notes for non-equity financing, maintaining vital flexibility for future expansion.

These strategic fundamentals enable IREN to accelerate its initiatives in AI, ensuring the provision of high-performance infrastructure to meet the emerging demands of compute markets.

Commitment to Innovation and Sustainability

IREN is committed to driving forward with its best-in-class infrastructure powered wholly by renewable energy. Strategically located in regions abundant in renewable resources and robust connectivity, IREN's facilities are purposefully designed for the future of high-performance computing.

About IREN Limited

IREN is at the forefront of the data center landscape, uniquely positioned in the Bitcoin and AI markets. Their platform capitalizes on extensive resources, with a secured 2,910MW grid-connected power portfolio across more than 2,000 acres, accompanied by a multi-gigawatt pipeline for future developments. The company operates 810MW of data centers, which support Bitcoin Mining, AI Cloud Services, and tailored AI Data Centers.

By continuing to innovate and expand, IREN is not only establishing itself as a powerhouse in Bitcoin mining but also in providing cutting-edge AI solutions. As they prepare for further growth with the deployment of advanced technologies and services, the company’s trajectory looks promising.

Frequently Asked Questions

What milestone has IREN recently achieved?

IREN has reached a significant milestone of 50 EH/s in installed self-mining capacity, marking its expansion in the Bitcoin mining sector.

How does IREN maintain competitiveness in Bitcoin mining?

IREN maintains competitiveness through low-cost production methods, operational efficiency, and a strong financial model that mitigates risks associated with market fluctuations.

What are IREN's future plans regarding AI infrastructure?

With its recent expansion in Bitcoin mining capacity, IREN aims to leverage that expertise to develop AI infrastructure tailored for high-growth compute markets.

What financial efficiencies does IREN implement?

IREN focuses on operational efficiencies including reducing capital expenditure, minimizing electricity costs, and maximizing free cash flow to sustain its growth strategies.

How does IREN ensure sustainability in its operations?

IREN is committed to using 100% renewable energy in its operations, ensuring that its mining and data centers launch environmental sustainability at the forefront of its framework.

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