Iris Energy Limited (NASDAQ:IREN) said its risk-focused position allows it to weather the storm currently taking place within the cryptocurrency space and to capitalize on the next bull run.
In its November investor update, Iris said its liquidity as of the month’s end was $47 million in cash with no debt, with $100 million unutilized under a B Riley (NASDAQ:RILY) equity facility and potential monetization of assets through miner sales of 2.4 EH/s down to 2 EH/s.
It also noted significant opportunities from its 180MW real assets platform such as self-mining or hosting, its focus on expanding its self-mining capacity to 5.4 EH/s, and the potential additional expansion from 20MW to 600MW at its Childress facility in Texas, USA.
READ: Iris Energy ups Bitcoin production in October with first full month of operations at Prince George site in British Columbia
The company further highlighted that the expansion of its Mackenzie facility in British Columbia, Canada, from 50MW to 80MW was energized on December 6, three weeks ahead of schedule.
It added that the internal data center fit-put was complete for the additional 30MW.
At its Childress facility, the company noted that the foundations and earthworks for the substation and first data center building were complete, structural steel for the first data center building had been erected, and the substation area had been prepared for the upcoming delivery and installation of the 600MW transformer and main power transformers.
Operational highlights
For November, the company reported an operating hash rate of 1,445 PH/s, monthly operating revenue of $2.9 million, and 151 Bitcoin mined.
The company said that the reduction in its operation metrics, down 63%, 67% and 66% month-over-month respectively, primarily reflected the termination of hosting arrangements during the month in connection with certain of the group’s limited recourse equipment financing facilities following the receipt of an acceleration notice from the relevant lender under such facilities.
The full November investor update can be found here.
Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.
Contact the author at emily.jarvie@proactiveinvestors.com
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