Iris Energy (NASDAQ:IREN) Limited has issued a corporate update for September, revealing an increased bitcoin mining output.
The company mined 325 Bitcoin last month, up 8% from 301 in August, and reached an average operating hashrate of 2,729 PH/s (petahashes per second), up 24% from August. Monthly operating revenue was $6.2 million, down 6% from August.
The heightened hashrate was driven by the energization of Iris Energy (NASDAQ:IREN)’s third operating site, a 50-megawatt (MW) operation in Prince George, British Columbia. The move boosted the company’s operating capacity by more than 60% to exceed 3.7 EH/s (exahashes per second).
WATCH: Iris Energy committed to sustainable bitcoin mining
Meanwhile, the expansion of its Mackenzie site from 50 MW to 80 MW remains on track to be energized by the end of the fourth quarter. This would increase near-term operating capacity to 4.7 EH/s.
Iris Energy (NASDAQ:IREN) noted that the company’s increase in Bitcoin mined was not proportional to its increase in average operating hashrate, which it attributed to an increase in the average difficulty-implied global hashrate during the period.
The company is also planning the build-out of an initial 40 MW development at its 600 MW site in Childress, Texas. All required construction permits are in place, the company said, and work continued in September on the substation area, the first data center building (20 MW) and an internal road network.
Purchase orders continue to be placed for key high and low-voltage electrical equipment, building structures and data center equipment, the company added.
Iris Energy is a Sydney, Australia-based sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network. It targets markets with low-cost, under-utilized renewable energy, and where it can support local communities
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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