Iris Energy Expands Bitcoin Mining Capacity with New Acquisition

Iris Energy's Strategic Expansion

Iris Energy Limited, a prominent name in the Bitcoin mining industry, has announced a significant boost in its self-mining capacity. The company has acquired 1.6 EH/s of Bitmain T21 miners, enhancing its total capacity to 10 EH/s. This move aligns with its strategy to leverage 100% renewable energy for its operations.

Key Acquisition Details

The acquisition involves 8,380 Bitmain T21 miners at a competitive price of $14/TH, totaling $22.3 million. The company plans a phased installation, with shipments scheduled for Q2 2024. These state-of-the-art miners promise improved efficiency, reducing the overall fleet's energy consumption from 29.5 J/TH to 24.8 J/TH.

Infrastructure and Capacity Expansion

Iris Energy is committed to expanding its infrastructure to support the increased hashrate. The ongoing 80MW expansion at its Childress data center is on track, set to be completed progressively from January 2024 to Q2 2024. The facility is poised to handle the enhanced capacity, with an additional 500MW of power available for future expansions.

Commitment to Renewable Energy

As a sustainable Bitcoin mining company, Iris Energy focuses on utilizing low-cost, under-utilized renewable energy sources. The company's operations not only enhance the Bitcoin network but also contribute to the decarbonization of energy markets. By owning and operating its infrastructure, Iris Energy ensures long-term security and control over its assets.

Experienced Leadership Team

Iris Energy boasts a seasoned management team with extensive expertise across energy, infrastructure, renewables, and digital assets. This experienced team has successfully delivered over $25 billion in energy and infrastructure projects globally, reinforcing the company's leadership in the industry.

This strategic expansion positions Iris Energy as a leading force in sustainable Bitcoin mining, combining cutting-edge technology with a commitment to renewable energy.