Iris Energy (IREN) Secures Pathway to 20 EH/s in 2024

Iris Energy Limited (NASDAQ: IREN) today announced it is has entered into an agreement with Bitmain Technologies Delaware Limited (“Bitmain”) which provides a pathway to increase its self-mining capacity up to 20 EH/s in 2024.

Key Highlights

• Immediate focus on completing current expansion to 10 EH/s
• 10 EH/s of new Bitmain T21 miners secured for 2024 at a fixed price of $14/TH1:
  • 1 EH/s additional purchase to initiate growth beyond 10 EH/s
  • 9 EH/s of miner purchase options exercisable in H2 2024
• Childress project can support expansion to 20 EH/s by end of the year

With current operating capacity of 5.6 EH/s, the Company is now purchasing a total of 5.3 EH/s2 from Bitmain, with options to purchase up to an additional 9.1 EH/s3 at a price of $14/TH in H2 2024.

If the miner purchase options are exercised in full, overall fleet efficiency for 20 EH/s would improve to 21.9 J/TH.

Company operating capacity:

• Current: 5.6 EH/s
• H1 2024: 10 EH/s
• *H2 2024: 20 EH/s (Childress Phase 2-3, +200MW)

* Subject to exercise of miner purchase options.

Decisions with respect to exercising all, some or none of the miner purchase options will be made during 2024, taking into consideration market conditions, shareholder value and funding availability.

In addition, the Company retains flexibility to utilize miner purchase options for purposes of upgrading some or all of its existing fleet.

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