Iris Energy (IREN) capacity increased by 33% to 28 EH/s

IREN Limited (NASDAQ: IREN) (together with its subsidiaries, “IREN” or “the Company”) today announced it has increased its installed self-mining capacity by 33% to 28 EH/s.

31 EH/s expansion update

IREN has increased its installed capacity from 21 EH/s to 28 EH/s (15 J/TH efficiency) following the energization of its Childress Phase 3 substation.

Childress Phase 3 construction is near complete and IREN expects to achieve 31 EH/s of installed capacity this month.

• Miner inventory: sufficient inventory on-site to achieve 31 EH/s
• Construction:
  • 4 data center buildings complete, energized and hashing
  • 2 data center buildings remaining, finalization of internal fit-out and progressive completion expected this month

IREN’s continued delivery against its 31 EH/s expansion target, best-in-class fleet efficiency and low electricity costs positions the business as a large scale, low-cost producer with an all-in cash cost per Bitcoin of ~$29k1.

Accelerating expansion to 50 EH/s in H1 2025

IREN continues to invest in accretive growth and is accelerating its growth trajectory to 50 EH/s and 810MW of data centers in H1 2025 (previously H2 2025), underpinned by:

• Single site expansion at Childress, through Childress Phase 4 & 5 (+300MW) with earthworks and foundation works ongoing
• Site teams and processes in place to continue cadence of constructing approximately 50MW of data centers per month
• S21 Pro miners previously secured (fixed price, $18.9/TH)

Assumptions and Notes

1. All-in cash cost per Bitcoin at 31 EH/s reflects total net electricity costs, overheads and Renewable Energy Certificate (REC) cash costs and includes benefit of $32m illustrative contribution from AI Cloud Services, on a per Bitcoin mined basis. Calculations assume hardware operates at 100% uptime, nameplate fleet efficiency of 15 J/TH, weighted average power cost of $0.036, overheads of $81m, REC costs of $9m, power consumption of 484MW, network hashrate of 732 EH/s, block reward of 3.125 BTC per block, transaction fees of 0.1 BTC per block, pool fees of 0.15%. $32m illustrative contribution from AI Cloud Services calculated as illustrative revenue less assumed electricity costs (excludes all other site, overhead and REC costs) and assumes hardware is fully utilized by customers and operating at 100% uptime, 1.25kW power draw per GPU, $0.045/kWh electricity costs and $2.00 per GPU hour revenue assumption. REC costs at 31 EH/s assume $3/MWh pricing based on historical purchases. Weighted average power cost assumption reflects $0.045/kWh costs in British Columbia and $0.0325/kWh costs in Texas - latter in line with actual net electricity costs of $0.031, $0.032 and $0.0306 in Aug, Sep and Oct 2024, respectively. Historical power prices achieved and power price assumptions may or may not materialize in the future. This press release should be read strictly in conjunction with the forward-looking statements disclaimer on page 3.

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