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IREN aims to achieve a hashrate of 20 EH/s by September 2024 and 30 EH/s by year-end, driven by the acquisition of advanced Bitmain S21 XP miners.
IREN, previously known as Iris Energy, has reported a remarkable year in Bitcoin mining, surpassing previous records and overcoming market doubts. On August 28, 2024, the company revealed its financial results, which highlighted a significant increase in both revenue and capacity.
For the fiscal year ending June 30, 2024, IREN’s Bitcoin mining revenue soared to $184.1 million, marking a dramatic 144% increase from the $75.5 million earned the previous year. This growth is primarily due to a surge in hash rate and higher Bitcoin prices.
Notably, the company has effectively doubled its self-mining capacity, increasing it from 5.6 EH/s to 10 EH/s. This expansion enabled IREN to mine a record 4,191 BTC, up from 3,259 BTC in the previous fiscal year. As of August 28, 2024, IREN’s total installed capacity stands at 15 EH/s.
IREN Targets 30 EH/s by Year-End
IREN’s ambitious expansion plans set the company up for even greater success. The company aims to achieve a hash rate of 20 EH/s by September 2024 and a notable 30 EH/s by year-end. This rapid growth is driven by the acquisition of 10.5 EH/s worth of advanced Bitmain S21 XP miners, expected by November 2024.
Daniel Roberts, IREN’s co-founder and co-CEO, expressed enthusiasm about the FY24 results, highlighting continued growth in revenue, earnings, and cash flow. He confirmed:
“Our 2024 guidance remains unchanged. With 15 EH/s installed, we are well on track to achieve our 20 EH/s milestone next month and 30 EH/s this year.”
In addition to its Bitcoin mining efforts, IREN is strategically diversifying its revenue streams. The company recently reported $3.1 million in AI cloud revenue, reflecting its commitment to expanding its data center infrastructure and exploring new opportunities.
IREN’s Growth Strategy Pays Off
IREN’s financial results highlight the effectiveness of its growth strategy. The company’s adjusted EBITDA surged from $1.4 million in 2023 to $54.7 million in 2024.
This growth was accompanied by a rise in electricity costs, driven by increased hashrate. Electricity expenses grew from $35.8 million in 2023 to $76 million in 2024. Additionally, total expenses increased from $38.4 million to $56.5 million, reflecting investments in renewable energy credits, headquarters expansion, and site costs.
Despite these higher expenses, IREN’s financial health improved. The company reduced its net loss from $171.9 million in 2023 to $29 million in 2024. It also reported a strong cash position of $404.6 million as of June 30, 2024, with no debt.
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With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
