Iris Energy Issues 20 EH/s Expansion Update By Investing.com

Iris Power Restricted (dba IREN) (IREN) (along with its subsidiaries, “IREN” or “the Firm”), a number one next-generation knowledge middle enterprise powering the way forward for Bitcoin, AI and past, right this moment supplied a enterprise replace.

IREN is happy to offer an replace on its enlargement to twenty EH/s in 2024:

• H1 2024 (10 EH/s):
  • Working hashrate now elevated to 7 EH/s
  • Remaining 3 EH/s to be commissioned via H1 2024
• H2 2024 (20 EH/s):
  • 10 EH/s of latest Bitmain T21 miners1 secured through fastened worth contracts
  • 200MW enlargement at current Childress knowledge middle

About IREN

IREN is a number one next-generation knowledge middle enterprise powering the way forward for Bitcoin, AI and past using 100% renewable power.

• Bitcoin Mining: offering safety to the Bitcoin community, increasing to twenty EH/s in 2024. Operations since 2019.
• AI Cloud Providers: offering cloud compute to AI prospects, increasing to 816 NVIDIA H100 GPUs. Operations since 2024.
• Subsequent-Technology Knowledge Facilities: 220MW of working knowledge facilities, increasing to 460MW in 2024. Particularly designed and purpose-built infrastructure for high-performance and power-dense computing functions.
• Know-how: expertise stack for efficiency optimization of AI Cloud Providers, Bitcoin Mining and power buying and selling operations.
• Growth Portfolio: 2,160MW of secured energy capability throughout North America, >1,000 acre property portfolio and extra growth pipeline.
• 100% Renewable Power: targets websites with low-cost & underutilized renewable power and helps electrical grids and native communities.

Contacts

To maintain up to date on IREN’s information releases and SEC filings, please subscribe to e mail alerts at https://buyers.iren.com/ir-resources/email-alerts.

Ahead-Wanting Statements

This press launch contains “forward-looking statements” throughout the that means of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements typically relate to future occasions or IREN’s future monetary or working efficiency. For instance, forward-looking statements embody however usually are not restricted to the Firm’s enterprise technique, anticipated operational and monetary outcomes, and anticipated enhance in energy capability and hashrate. In some instances, you’ll be able to determine forward-looking statements by terminology corresponding to “anticipate,” “imagine,” “might,” “can,” “ought to,” “might,” “may,” “plan,” “doable,” “mission,” “try,” “funds,” “forecast,” “anticipate,” “intend,” “goal”, “will,” “estimate,” “predict,” “potential,” “proceed,” “scheduled” or the negatives of those phrases or variations of them or related terminology, however the absence of those phrases doesn’t imply that assertion isn’t forward-looking. Such forward-looking statements are topic to dangers, uncertainties, and different components which might trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. As well as, any statements or data that seek advice from expectations, beliefs, plans, projections, goals, efficiency or different characterizations of future occasions or circumstances, together with any underlying assumptions, are forward-looking.

These forward-looking statements are primarily based on administration’s present expectations and beliefs. These statements are neither guarantees nor ensures, however contain recognized and unknown dangers, uncertainties and different vital components that will trigger IREN’s precise outcomes, efficiency or achievements to be materially totally different from any future outcomes efficiency or achievements expressed or implied by the ahead trying statements, together with, however not restricted to: Bitcoin worth and overseas forex alternate charge fluctuations; IREN’s capability to acquire further capital on commercially affordable phrases and in a well timed method to fulfill our capital wants and facilitate its enlargement plans; the phrases of any future financing or any refinancing, restructuring or modification to the phrases of any future financing, which might require IREN to adjust to onerous covenants or restrictions, and its capability to service its debt obligations; IREN’s capability to efficiently execute on its progress methods and working plans, together with its capability to proceed to develop its current knowledge middle websites and its capability to diversify into the marketplace for Excessive Efficiency Computing (“HPC”) options; IREN’s restricted expertise with respect to new markets it has entered or might search to enter, together with the marketplace for HPC options; expectations with respect to the continued profitability, viability, operability, safety, reputation and public perceptions of the Bitcoin community; expectations with respect to the profitability, viability, operability, safety, reputation and public perceptions of any HPC options that IREN gives; IREN’s capability to safe and retain prospects on commercially affordable phrases or in any respect, notably because it pertains to its technique to increase into HPC options; IREN’s restricted expertise with respect to new markets it has entered or might search to enter, together with the marketplace for HPC options; expectations with respect to the continued profitability, viability, operability, safety, reputation and public perceptions of the Bitcoin community; expectations with respect to the profitability, viability, operability, safety, reputation and public perceptions of any HPC options IREN gives; IREN’s capability to safe and retain prospects on commercially affordable phrases or in any respect, notably because it pertains to its technique to increase into HPC options; IREN’s capability to handle counterparty threat (together with credit score threat) related to any present or future prospects and different counterparties; IREN’s capability to safe renewable power, renewable power certificates, energy capability, services and websites on commercially affordable phrases or in any respect; the chance that any present or future prospects or counterparties might terminate, default on or underperform their contractual obligations; Bitcoin world hashrate fluctuations; delays related to, or failure to acquire or full, allowing approvals, grid connections and different growth actions customary for greenfield or brownfield infrastructure initiatives; our reliance on energy utilities suppliers, third get together mining swimming pools, exchanges, banks, insurance coverage suppliers and our capability to take care of relationships with such events; expectations concerning availability and pricing of electrical energy; IREN’s participation and talent to efficiently take part in demand response services and different load administration applications run, operated or supplied by electrical energy community operators, regulators or electrical energy market operators; the provision, reliability and/or price of electrical energy provide, {hardware} and electrical and knowledge middle infrastructure, together with with respect to any electrical energy outages and any legal guidelines and rules that will prohibit the electrical energy provide obtainable to IREN; any variance between the precise working efficiency of IREN’s {hardware} achieved in comparison with the nameplate efficiency together with hashrate; IREN’s capability to curtail its electrical energy consumption and/or monetize electrical energy relying on market circumstances, together with modifications in Bitcoin mining economics and prevailing electrical energy costs; actions undertaken by electrical energy community and market operators, regulators, governments or communities within the areas by which IREN operates; the provision, suitability, reliability and value of web connections at IREN’s services; IREN’s capability to safe further {hardware}, together with {hardware} for Bitcoin mining and HPC options it might supply, on commercially affordable phrases or in any respect, and any delays or reductions within the provide of such {hardware} or will increase in the price of procuring such {hardware}; expectations with respect to the helpful life and obsolescence of {hardware} (together with {hardware} for Bitcoin mining in addition to {hardware} for different functions, together with HPC options IREN might supply); delays, will increase in prices or reductions within the provide of kit utilized in IREN’s operations; IREN’s capability to function in an evolving regulatory setting; IREN’s capability to efficiently function and keep its property and infrastructure; reliability and efficiency of IREN’s infrastructure in comparison with expectations; malicious assaults on IREN’s property, infrastructure or IT methods; IREN’s capability to take care of in good standing the working and different permits and licenses required for its operations and enterprise; IREN capability to acquire, keep, defend and implement its mental property rights and different confidential data; whether or not the secular developments IREN expects to drive progress in its enterprise materialize to the diploma it expects them to, or in any respect; the prevalence of any environmental, well being and security incidents at IREN’s websites, and any materials prices referring to environmental, well being and security necessities or liabilities; injury to our property and infrastructure and the chance that any insurance coverage IREN maintains might not totally cowl all potential exposures; ongoing proceedings referring to the default by two of IREN’s wholly-owned particular function automobiles below restricted recourse tools financing services; ongoing securities litigation relating partly to the default; and any future litigation, claims and/or regulatory investigations, and the prices, bills, use of sources, diversion of administration time and efforts, legal responsibility and damages that will consequence therefrom; our failure to adjust to any legal guidelines together with the anti-corruption legal guidelines of the US and varied worldwide jurisdictions; any failure of our compliance and threat administration strategies; any legal guidelines, rules and moral requirements that will relate to IREN’s enterprise, together with those who relate to Bitcoin and the Bitcoin mining trade and those who relate to every other options we might supply (corresponding to HPC options), together with rules associated to knowledge privateness, cybersecurity and the storage, use or processing of knowledge; any mental property infringement and product legal responsibility claims; our capability to draw, encourage and retain senior administration and certified workers; elevated dangers to our world operations together with, however not restricted to, political instability, acts of terrorism, theft and vandalism, cyberattacks and different cybersecurity incidents and sudden regulatory and financial sanctions modifications, amongst different issues; local weather change, extreme climate circumstances and pure and man-made disasters that will materially adversely have an effect on our enterprise, monetary situation and outcomes of operations; the continued results of COVID-19 or every other outbreak of an infectious illness and any governmental or trade measures taken in response; our capability to stay aggressive in dynamic and quickly evolving industries; injury to our model and popularity; expectations referring to Environmental, Social and Governance points or reporting; the prices of being a public firm; and different vital components mentioned below the caption “Threat Components” in IREN’s annual report on Type 20-F filed with the SEC on September 13, 2023 as such components could also be up to date once in a while in its different filings with the SEC, accessible on the SEC’s web site at www.sec.gov and the Investor Relations part of IREN’s web site at https://buyers.iren.com.

These and different vital components might trigger precise outcomes to vary materially from these indicated by the forward-looking statements made on this press launch. Any forward-looking assertion that IREN makes on this press launch speaks solely as of the date of such assertion. Besides as required by legislation, IREN disclaims any obligation to replace or revise, or to publicly announce any replace or revision to, any of the forward-looking statements, whether or not because of new data, future occasions or in any other case.

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1 Comprised of miner buy choices with Bitmain for 9 EH/s of T21 miners plus further miner purchases of 1 EH/s. Selections with respect to Childress enlargement and exercising all, some or not one of the miner buy choices will probably be made throughout 2024, making an allowance for market circumstances, shareholder worth and funding availability. As well as, the Firm retains flexibility to make the most of miner buy choices for functions of upgrading some or all of its current fleet.

Supply: IRIS ENERGY LIMITED