October 2024 Investor Insights: Bitcoin and Cloud Performance

Monthly Investor Update for IREN

On the 4th of October, IREN (NASDAQ: IREN) shared compelling insights from its monthly investor update, focusing on advancements made in Bitcoin mining and AI cloud services during September 2024. This report not only highlights the financial metrics but also emphasizes the company’s ongoing commitment to community engagement and technological innovation.

Highlights in Bitcoin Mining

September saw IREN achieve significant milestones in its Bitcoin mining operations:

• 347 Bitcoins successfully mined
• Electricity costs decreased to $23.6k per Bitcoin
• Current installed capacity reached 21 EH/s, showcasing an efficiency of 16 J/TH
• Anticipation for growth in mining capacity to 31 EH/s by the end of 4Q 2024

The efficiency improvements are closely tied to better utilization of resources and advancements in technology, ensuring a profitable operational model.

Performance Metrics

ILEXY also provided an overview of key performance metrics comparing September's results with previous months:

Advancements in AI Cloud Services

IREN’s AI Cloud Services also demonstrated growth potential:

• Revenue generated reached $685,000 this September, a notable adjustment due to re-contracting of services
• Purchased an additional 1,080 NVIDIA H200 GPUs, with operational deployment expected in 4Q 2024
• The total GPU fleet now comprises 1,896 units, enhancing potential revenue capabilities significantly

This sector is projected to constitute approximately 10% of the company’s run-rate earnings by the end of the year, indicating robust market confidence.

Data Center Operations

IREN operates multiple data centers within its regions, contributing to both mining and cloud services:

• Current operational capacity stands at 360MW
• Plans are in place to expand to 510MW by 2024
• Efforts focused on monetization strategies are ongoing

This expansion aligns with the company’s overall growth strategy, reinforcing its position in both the cloud services and cryptocurrency markets.

Community Engagement Initiatives

The Community Grants Program showcases IREN's commitment to enhancing local community welfare through various initiatives:

• Funding supports projects in sustainability, technology, and education.
• Events for program recipients are scheduled throughout the upcoming months, enhancing local partnerships.

What's Next for IREN?

Looking ahead, IREN is poised to participate in several exciting events aimed at expanding their market outreach and enhancing stakeholder relationships:

• CheatCode Conference in Sydney on October 25-26, 2024
• Cantor Crypto, Digital Assets & AI Infrastructure Conference in Miami on November 13-14, 2024
• SC24 in Atlanta from November 17-22, 2024
• Roth Technology Conference in New York on November 19-20, 2024

These engagements reflect IREN's proactive approach to driving growth and establishing innovation in the rapidly evolving cryptocurrency and AI sectors.

Frequently Asked Questions

What are the key highlights from IREN's update?

The key highlights include a record of 347 Bitcoins mined in September 2024, a decrease in electricity costs, and the expansion of AI cloud services.

How is IREN performing in AI cloud services?

IREN's AI cloud services generated $685,000 in September, with expansion plans including over a thousand new GPUs, aiming to boost revenue substantially.

What is IREN's community engagement approach?

The Community Grants Program funds projects focused on sustainability, safety, and technology, with several recipient events planned for engagement.

What upcoming events is IREN participating in?

IREN will attend major industry conferences in Sydney, Miami, Atlanta, and New York, amid their strategy to enhance visibility and strengthen partnerships.

What does the future hold for IREN?

IREN aims to expand its Bitcoin mining capacity while enhancing its AI cloud services, focusing on revenue growth and community welfare.

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