IREN Limited Exceeds Mining Capacity Goals with 31 EH/s

IREN Limited Surpasses Year-End Mining Capacity Target

IREN Limited (NASDAQ: IREN) has made a remarkable achievement by reaching its self-mining capacity target of 31 EH/s at year-end, well above its initial goal of 20 EH/s. This accomplishment highlights the company’s rapid growth and robust execution in the competitive Bitcoin mining market.

Significant Expansion Efforts

Initially starting the year with just 20MW of operating data centers at their site, IREN has expanded its operational footprint more than 17 times, now boasting 350MW of capacity across their facilities. This growth is a direct result of the relentless efforts of the company’s dedicated team, comprising over 500 professionals focused on enhancing procurement efficiencies, construction methods, safety measures, and overall operational innovation.

Key Insights from Leadership

Daniel Roberts, Co-Founder and Co-CEO of IREN, expressed pride in their comprehensive expansion strategy. He noted, "Surpassing our year-end target of 31 EH/s demonstrates our commitment to growth and efficiency. We are now positioned to continue our journey toward an impressive 50 EH/s goal in the first half of 2025, due to our agile operational practices and loyal workforce."

Concrete Steps Towards Future Growth

With the completion of Childress Phase 3, IREN's self-mining capacity has surged to 31 EH/s from its previous capacity of 28 EH/s. This impressive advancement in efficiency is reflected in their exceptional performance of achieving 15 J/TH with 510MW of operational data centers. With sufficient infrastructure already in place, IREN is favorably positioned for an additional expansion within 2025.

Plans to Achieve 50 EH/s

The company aims to achieve the 50 EH/s threshold actively, supported by multiple initiatives:

• Constructive Development: Ongoing civil work, data center constructions, and electrical installations for future phases are well underway.
• Strategic Equipment Procurement: The company has secured pivotal electrical equipment crucial for its upcoming expansions, with items either already on-site or in the ordering phase.
• Proven Execution Frameworks: Robust site management protocols are set to ensure the continual construction of approximately 50MW of new data center facilities each month.
• Advanced Miner Procurement: IREN has pre-purchased S21 Pro Miners at a competitive fixed price of $18.9/TH, ensuring their technological edge in the market.

IREN's Pivotal Role in Bitcoin and AI Industries

IREN's operations extend beyond Bitcoin mining, as the company is also diving into the realm of AI Cloud Services. With an extensive inventory of 1,896 NVIDIA H100 and H200 GPUs operational since 2024, the company aims to provide state-of-the-art cloud computing solutions to a variety of clients.

Commitment to Renewable Energy

Standing firm in its promise to integrate sustainable practices, IREN operates on 100% renewable energy sourced from low-cost and underutilized resources. This commitment not only supports the company's operational objectives but also helps bolster local communities and electrical grids.

Frequently Asked Questions

What is IREN Limited best known for?

IREN Limited is recognized for its innovative Bitcoin mining operations and its recent expansion into AI cloud services, emphasizing renewable energy use.

What recent milestone did IREN achieve?

IREN successfully reached a self-mining capacity of 31 EH/s, exceeding its initial target of 20 EH/s.

What are IREN’s future goals?

IREN aims to achieve a capacity of 50 EH/s by the first half of 2025, supported by ongoing construction and equipment procurement strategies.

How does IREN ensure operational efficiency?

The company implements rigorous procurement processes, innovative construction techniques, and robust safety practices through a dedicated team of professionals.

What technologies does IREN utilize?

IREN employs advanced technology including NVIDIA GPUs for cloud services and the latest mining technology to enhance operational efficiency in Bitcoin mining.

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