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    Iris Energy Boosts 2024 Capacity with $22M Investment in Bitmain Rigs

    Iris Energy, a company specializing in sustainable Bitcoin mining, has recently announced its purchase of a batch of Bitmain T21 miners. This acquisition has significantly bolstered their self-mining capability, resulting in a total capacity of 10 EH/s.

    On December 15, the company made an official announcement stating its intention to purchase 8,380 cutting-edge T21 miners from Bitmain Technologies Delaware Limited. The acquisition will be made at a rate of $14 per terahash, resulting in a total investment of $22.3 million.

    Iris Energy had previously acquired Bitmain S21 miners to produce a mining output of 1.4EH/s before their most recent purchase.

    The upcoming shipment of S21 and T21 miners, set to arrive in the second quarter of 2024, holds the promise of significantly boosting the fleet’s overall efficiency. Once deployed, these miners are anticipated to reduce the energy consumption per terahash (J/TH) from 29.5 J/TH to a remarkable 24.8 J/TH.

    The ongoing development of Iris Energy’s 80MW data centre expansion in Childress continues. The expansion is scheduled to commence partial operations starting from January 2024 until the second quarter of the same year, providing necessary support for the growth of the operating hash rate from 5.6 EH/s to 10 EH/s.

    Ongoing are the early initiatives and acquisition endeavours for an additional 100MW of data centres in Childress. These efforts receive support from an immediate 500MW power availability at the site.

    After Iris Energy’s announcement on June 20, regarding the development of 80MW data centres at their 600MW Childress site, this newly acquired asset falls in line with their plans for Phase 1.

    Given the forthcoming early 2024 deadline, the company foresees a substantial rise in its potential operating capacity. Introducing four new data centres, each with a power output of 20MW, the company aims to achieve a remarkable increase of around 63%. The current operating capacity of 5.6 EH/s is projected to surge to 9.1 EH/s.

    The ongoing procurement endeavours also entail acquiring long-lead items for Childress Phase 2, which is expected to provide an additional 100MW of power. This expansion is estimated to unleash approximately 13.6 EH/s of data centre capacity.

    The primary area of the company’s current attention is the development of data centres, while the decision to purchase miners is subject to funding availability and prevailing market conditions.

    Irish Energy Data Services to Cater for Hot-Red Demand for Generative AI Computing

    Iris Energy proudly demonstrates a strong financial position with around $64 million in cash reserves, the absence of any debt burden, and a consistent flow of positive operating cash from its current 5.6 EH/s mining capacity. Additionally, the company has potential opportunities to explore equity facility options.

    The company, which had previously emphasized its commitment to Bitcoin mining, recently revealed a revived enthusiasm for its HPC data centre approach while still maintaining its foremost focus.

    Around three to four years ago, there was an examination of a significant change in the company’s strategy. This change became apparent in March 2020 when an agreement was reached with Dell Technologies.

    On August 29, Iris Energy decided to expand its interests by investing a substantial sum of $10 million. This investment aimed at venturing into the realm of generative artificial intelligence (AI), moving away from their previous focus on Bitcoin mining. To support this new direction, Iris Energy acquired a considerable number of advanced Nvidia H100 Graphics Processing Units (GPUs) – specifically 248 units. These GPUs are not intended for traditional use but will instead be utilized for exciting cloud computing prospects.

    Across North America, the mining company has established its operations in various regions that boast an abundance of renewable energy. These regions include Mackenzie, Canal Flats, and Prince George in British Columbia, Canada, as well as its site in Childress, Texas.

    Frequently Asked Questions:

    1. What motivated Iris Energy to allocate a substantial $22 million towards acquiring Bitmain T21 miners?

    Iris Energy is set on boosting its Bitcoin mining capabilities by acquiring 1.6 EH/s of Bitmain T21 miners. This will greatly enhance their self-mining capacity and contribute to a larger total capacity of 10 EH/s. The company sees this investment as a key component of its strategy to strengthen its Bitcoin mining capabilities.

    2. What is the quantity of recently procured T21 miners by Iris Energy and what was the price of acquisition for these advanced models?

    Iris Energy recently expanded its mining capacity by procuring 8,380 state-of-the-art T21 miners manufactured by Bitmain Technologies Delaware Limited. The investment incurred a total expenditure of $22.3 million, equivalent to $14 per terahash (TH).

    3. How will adding the new miners affect Iris Energy’s fleet efficiency?

    Installation of the S21 and T21 miners is set to increase the overall fleet efficiency from 29.5 J/TH to 24.8 J/TH, providing a significant boost.

    4. What is the expected shipping date for the S21 and T21 miners and what is their projected mining capacity?

    The anticipated shipping of the miners is planned for the second quarter of 2024, projecting a mining output contribution of 1.4 EH/s.

    5. Could you please provide an update on the progress of Iris Energy’s data centre expansion in Childress?

    Iris Energy is steadily moving forward with its data centre expansion in Childress, which is expected to roll out gradually from January 2024 until the second quarter of that year. This expansion plays a pivotal role in facilitating the growth of the operational hash rate from 5.6 EH/s to 10 EH/s.

    6. What strategies are Iris Energy implementing to broaden its scope beyond the realm of Bitcoin mining?

    Iris Energy is embarking on a new path of expansion by delving into high-performance computing (HPC) and generative artificial intelligence (AI). To seize the potential offered by cloud computing, the company has allocated a substantial $10 million towards acquiring cutting-edge Nvidia H100 GPUs.

    7. Which specific geographical areas does Iris Energy conduct its operations in, and what are the reasons behind its presence in those regions?

    Iris Energy conducts its operations in various areas of North America, encompassing Mackenzie, Canal Flats, and Prince George in British Columbia, Canada, as well as its Childress establishment situated in Texas. By choosing these specific locations, Iris Energy gains access to plentiful renewable sources of energy, aligning perfectly with the company’s unwavering dedication to conducting sustainable and eco-conscious operations.

    Credit: https://www.securities.io/wp-content/uploads/2022/07/Bitcoin-close-up-image-representation.jpg

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