IREN Doubles Mining Capacity and Records $184M Bitcoin Mining Revenue in 2024

IREN’s objective is to acquire sophisticated Bitmain S21 XP miners in order to attain a hashrate of 20 EH/s by September 2024 and 30 EH/s by the end of the year.

IREN, which was previously known as Iris Energy, has reported an extraordinary year in Bitcoin mining, surpassing previous records and overcoming market doubts. The corporation disclosed its financial results on August 28, 2024, which demonstrated a substantial increase in capacity and revenue.

The Bitcoin mining revenue of IREN rose to $184.1 million in the fiscal year ending June 30, 2024, a 144% increase from the $75.5 million earned the previous year. The primary cause of this expansion is the increase in Bitcoin prices and the subsequent surge in the hash rate.

It is important to note that the company has effectively doubled its self-mining capacity, boosting it from 5.6 EH/s to 10 EH/s. This expansion allowed IREN to mine a record 4,191 BTC, expanding from 3,259 BTC in the previous fiscal year. IREN’s total installed capacity is 15 EH/s as of August 28, 2024.

IREN’s ambitious expansion plans have positioned the company for even greater success. The company’s objective is to attain a hash rate of 20 EH/s by September 2024 and a significant 30 EH/s by the end of the year. This accelerated expansion is attributable to the anticipated procurement of 10.5 EH/s of sophisticated Bitmain S21 XP miners by November 2024.

Daniel Roberts, IREN’s co-founder and co-CEO, expressed his enthusiasm for the FY24 results, emphasizing the company’s ongoing development in cash flow, earnings, and revenue. He verified:

“Our guidance for 2024 remains unaltered.” We are on course to surpass our 20 EH/s milestone next month and our 30 EH/s milestone this year with the installation of 15 EH/s.

IREN is strategically diversifying its revenue sources in addition to its Bitcoin mining endeavors. The company’s recent report of $3.1 million in AI cloud revenue is indicative of its dedication to the exploration of new opportunities and the expansion of its data center infrastructure.

The financial performance of IREN underscores the efficacy of its growth strategy. The company’s adjusted EBITDA increased from $1.4 million in 2023 to $54.7 million in 2024.

The increase in hashrate was the driving force behind the rise in electricity costs that accompanied this growth. The cost of electricity increased from $35.8 million in 2023 to $76 million in 2024. Furthermore, the total expenses rose from $38.4 million to $56.5 million, which was a result of investments in renewable energy credits, headquarters expansion, and site costs.

IREN’s financial status improved in spite of these elevated expenditures. In 2024, the organization’s net loss decreased from $171.9 million in 2023 to $29 million. Additionally, as of June 30, 2024, it maintained a robust cash position of $404.6 million and was debt-free.

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