Iris Energy increases self-mining capacity from 2.0 EH/s to 5.5 EH/s

Iris Energy announced it is increasing its self-mining capacity from 2.0 EH/s to 5.5 EH/s. Key Highlights include: $67M of remaining Bitmain prepayments utilized to acquire 4.4 EH/s of new S19j Pro miners without any additional cash outlay; newly acquired miners to be installed in the Company’s data centers, increasing self-mining operating capacity from 2.0 EH/s1 to 5.5 EH/s over the coming months; considering options for the sale of surplus miners to re-invest in growth initiatives and/or corporate purposes. Iris Energy has successfully utilized remaining prepayments of $67M under its 10 EH/s contract with Bitmain, including a concurrent sale of 2.3 EH/s of the remaining 6.7 EH/s contracted miners to a third party, to acquire 4.4 EH/s of new S19j Pro miners without any additional cash outlay. The Company’s 180MW of data center capacity across British Columbia and Texas is expected to power 5.5 EH/s of high efficiency S19j Pro miners over the coming months. The Company is also considering options for the sale of surplus miners to re-invest in growth initiatives and/or corporate purposes. Following the transaction, the Group’s obligations under its existing 10 EH/s contract with Bitmain have been fully resolved, with no remaining commitments. The Group remains debt free. The Company also expects energization of its 600MW site at Childress in the coming months, including completion of the first 20MW of data center capacity. Approximately $18M in previous deposits with AEP Texas are expected to be refunded following energization at Childress.