Iris Energy increases mining capacity to 7.0 EH/s

Iris Energy announced it is increasing its self-mining capacity by 25% from 5.6 EH/s to 7.0 EH/s. Iris Energy has partnered with Bitmain Technologies Delaware Limited to acquire approximately 7,000 latest-generation Bitmain S21 miners. Shipping is scheduled for early 2024, increasing the Company’s self-mining capacity from 5.6 EH/s to 7.0 EH/s – an increase of 25%. Bitmain’s S21 miners exhibit efficiency, thereby increasing: fleet resilience post-halving; capital efficiency of data centers; and upside to Bitcoin. $16.7 million of the purchase price will be paid prior to shipment. The remaining 15% of the purchase price is deferred until one year after shipment. The purchase is expected to be funded from existing capital sources, including cash in bank, operating cash flow and other recently disclosed funding programs. The Company’s 80MW expansion at Childress remains on track, with data centers expected to be delivered progressively from early 2024. The Company is now targeting near-term expansion in potential operating capacity of up to 9.4 EH/s and continues to monitor the market for additional hardware acquisition opportunities. The Company continues to progress its single site expansion program to 30 EH/s.