Iris Energy Limited (NASDAQ:IREN) said it increased its average operating hashrate by 43% month-over-month in October and the number of Bitcoin mined by 38% attributable to the first full month of operations at its 50MW capacity Prince George site in British Columbia, Canada.
In its monthly investor update for October 2022, the company said it achieved an average operating hashrate (PH/s) of 3,903 PH/s and mined 448 Bitcoin for mining revenue of $8.8 million.
Iris Energy said construction at its Mackenzie facility in BC continues to progress for the expansion from 50MW to 80MW capacity, on track for completion by the end of 4Q, 2022.
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Internal fit-out for the remaining 10MW of the third data center building (20MW) foundations and erection of structural steel and internal fit-out progressing for the fourth data center building (20MW) have been completed. Further, substation works to increase capacity have commenced, according to the company.
The project achieved an average monthly operating hashrate of 1,577 PH/s in October compared to 1,579 PH/s in September, the company said.
At its Childress project in Texas, Iris Energy said foundation and earthworks for the substation and data center area continued throughout the month in readiness for the 600MW transformer installation and first data center building structure respectively. Key civil, data center building and substation contractors have mobilized to the site, the company said.
The company noted that this investor update was as of October 31, 2022, and does not give effect to updates shared in November.
The full investor update can be found here.
Iris Energy is a leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy.
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