Iris Energy signs agreement with Bitmain to increase self-mining capacity

Iris Energy announced it is has entered into an agreement with Bitmain Technologies Delaware which provides a pathway to increase its self-mining capacity up to 20 EH/s in 2024. Key highlights include: Immediate focus on completing current expansion to 10 EH/s; 10 EH/s of new Bitmain T21 miners secured for 2024 at a fixed price of $14/TH1: 1 EH/s additional purchase to initiate growth beyond 10 EH/s; 9 EH/s of miner purchase options exercisable in H2; Childress project can support expansion to 20 EH/s by end of the year. With current operating capacity of 5.6 EH/s, the Company is now purchasing a total of 5.3 EH/s2 from Bitmain, with options to purchase up to an additional 9.1 EH/s3 at a price of $14/TH in H2 2024. If the miner purchase options are exercised in full, overall fleet efficiency for 20 EH/s would improve to 21.9 J/TH.