Iris Energy Limited (NASDAQ:IREN) announced that it has achieved a record average operating hashrate of 5.6 exahashes per second (EH/s) during June 2023, along with monthly operating revenue of US$11.7 million.
The sustainable Bitcoin mining company said it mined 428 Bitcoins in June while generating $27,211 in revenue for each Bitcoin mined.
Iris also noted that it is targeting an expansion from 5.6 EH/s to about 9.1 EH/s of potential data center capacity by early 2024, presuming it purchases Bitmain S19 XP miners.
Included in its expansion plans is the Phase 1 build out of its Childress data center in Texas from the current 20 megawatts (MW) to 100MW, with a near-term growth pathway for subsequent 400MW, according to the company.
Iris added that it remains well capitalized with approximately $64 million in cash and equivalents as of May 31, 2023, no debt, operating cash flows from its existing 5.6 EH/s, as well as additional optionality from its committed equity facility.
As well, the company said development works continued across additional sites in Canada, the US and Asia-Pacific, which have the potential to support up to an additional more than 1 gigawatts (GW) of total capacity that can power growth beyond the company’s 760MW of announced capacity.
Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.
Contact Sean at sean@proactiveinvestors.com