Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Iris Energy bolsters mining capacity with 39,000 Bitmain S21 XP Antminers

Iris Energy bolsters mining capacity with 39,000 Bitmain S21 XP Antminers

GrafaGrafa2024/08/30 02:25
By:Mahathir Bayena

Iris Energy Limited, a leading Bitcoin miner and high-performance computing (HPC) firm, has acquired 39,000 of Bitmain’s S21 XP Antminers, securing 10 exahash per second (EH/s) of mining power.

This purchase positions Iris Energy to reach a mining capacity of 30 EH/s by the end of 2024, enhancing its standing in the competitive Bitcoin (CRYPTO:BTC) mining landscape.

The company reported record financial results for the fiscal year ending June 30, 2024, with significant growth across several key metrics.

Iris Energy achieved a record adjusted EBITDA of $54.7 million, a massive jump from just $1.4 million in the previous year.

This financial surge was fueled by a significant rise in bitcoin mining revenue, which climbed to $184.1 million from $75.5 million in fiscal year 2023.

The increase in revenue is attributed to a higher operating hashrate and favorable bitcoin prices during the period.

Operational highlights for the fiscal year include an increase in the company’s self-mining capacity from 5.6 EH/s to 10 EH/s.

In August 2024, Iris Energy transitioned to spot pricing for electricity, a move expected to optimise power costs and enhance profitability further.

The recent acquisition of 10.5 EH/s of Bitmain S21 XP Antminers was secured at a price of $21.5 per terahash, with 20% of the payment deferred for nine months after the miners are shipped.

The first shipments of these new miners are expected to arrive in October and November, aligning with Iris Energy’s goal to scale up its operations.

Beyond bitcoin mining, Iris Energy is expanding its footprint in the artificial intelligence (AI) cloud services market.

The company has acquired 816 Nvidia H100 GPUs to bolster its AI offerings, generating $3.1 million in revenue from this segment in fiscal year 2024.

Iris Energy’s dual focus on both bitcoin mining and AI cloud services highlights its strategy to diversify and capitalise on emerging opportunities in high-performance computing.

With these strategic moves, the company aims to solidify its market position and explore new avenues for growth, leveraging both its mining capabilities and AI infrastructure.

At the time of reporting, Bitcoin price was $59,210.44.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!