Bitcoin Mining Company Doubles Capacity, Announces Record Revenue!

IREN, formerly known as Iris Energy, has announced record-breaking financial results for the fiscal year ending June 30, 2024, with significant growth in Bitcoin mining revenue and capacity expansion.

IREN Reports Record $184.1 Million in Bitcoin Mining Revenue as Capacity Nearly Doubles

The company reported $184.1 million in bitcoin mining revenue, a 144% increase from $75.5 million in the previous fiscal year. The increase was driven by a combination of rising hashrate and higher Bitcoin prices.

The company nearly doubled its self-mining capacity during the period, from 5.6 exahashes per second (EH/s) to 10 EH/s. As a result, IREN mined a record 4,191 BTC, up from 3,259 BTC in the previous fiscal year.

The company has deployed a total capacity of 15 EH/s as of August 28 and is on track to reach 20 EH/s next month and 30 EH/s by the end of 2024. This growth is supported by the purchase of the latest-generation Bitmain S21 XP miners worth 10.5 EH/s, which are expected to be delivered by November.

“We are pleased to report our full FY24 results, which highlight continued growth in revenue, earnings and cash flow. Our 2024 guidance remains unchanged. With 15 EH/s installed, we are on track to reach our 20 EH/s milestone next month and 30 EH/s this year,” said Daniel Roberts, co-founder and co-CEO of IREN.

In addition to its bitcoin mining operations, IREN reported $3.1 million in AI cloud revenue for the first time, reflecting the company’s efforts to diversify its service offerings amid its expanding data center operations.

*This is not investment advice.