Iris Energy Limited (NASDAQ:IREN) said in March it mined 173 bitcoin at an average operating hashrate of 1,912 PH/s, up 11% from February, while its mining revenue surged 22% from February $4.3 million.
Releasing its corporate update for March, the company said electricity costs were nearly $2.2 million. The increases in bitcoin mined and electricity costs were mainly due to the installation of additional miners and three additional days in the month. Adjusted electricity costs per Bitcoin were $11,500 in March compared to $10,600 in February, driven by an increase in the difficulty-implied global hashrate during the period.
Iris Energy said it increased its operating hashrate from 1.7 EH/s to a current level of 3.1 EH/s as part of its recent rise in self-mining capacity to 5.5 EH/s. An additional 2 EH/s of miners have been delivered and are pending installation, while the remaining 0.4 EH/s of miners are in transit and scheduled for delivery soon.
Meanwhile, at the company’s Childress, Texas project, a 600 megawatt (MW) bulk power substation is nearing energization. The commissioning of the first 20MW data center (supporting ~0.6 EH/s) is expected in the coming weeks.
Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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