Iris Energy doubles its operating capacity to > 2.3 PE/s
Mackenzie (50 MW) commissioned ahead of schedule
Current deployment options for 6.0 PE/s
SYDNEY, Australia, Aug. 08, 2022 (GLOBE NEWSWIRE) — Iris Energy Limited (NASDAQ: IREN) (“Iris Energy” or “the Company”), a leading proprietary mining owner and operator of quality Bitcoin institutional and highly efficient data centers powered by 100% renewable energy, announced today that it has approximately doubled its operational capacity to exceed 2.3 PE/s.
The Company recently energized the remainder of the first 1.5 PE/s (50 MW) at its second operating site in Mackenzie, British Columbia (Canada), marking the delivery of phase two of the project. The two initial phases were commissioned ahead of schedule:
- Phase one: 0.3 PE/s (9 MW) – April 13, 2022 (initial target end of second quarter 2022)
- Phase two: 1.2 pe/s (41 MW) – August 5, 2022 (initial target end of third quarter 2022)
The company’s next site, in Prince George, British Columbia (Canada), also remains on track to be powered by the end of next month and is expected to add an additional 1.4 PE/s (50 MW) , thereby increasing the company’s short-term operating capacity. at 3.7 PE/s.
- The company continues to work on deployment options for its remaining 2.3 EH/s miners, including the recently announced 1.7 EH/s Bitmain S19j Pro miners that will ship in August 2022, increasing the capacity of planned operation at 6.0 PE/s.
- $46.7 million of the previous $130 million in payments made to Bitmain was applied to secure the additional 1.7 EH/s, and the use of the remaining $83.3 million in payments for miners under additional contracts above 6.0 EH/s continue to be subject to ongoing discussions with Bitmain1
Iris Energy co-founder and co-CEO Daniel Roberts said:
“The delivery of Mackenzie is another important milestone for the Company. We are particularly pleased to continue our track record of delivering projects on time, despite the current market environment and the ongoing challenges of the international supply chain. We would like to thank the Mackenzie construction team for their hard work and dedication and welcome a number of new local hires to the permanent operations team.
About Iris Energy
Iris Energy is a sustainable bitcoin mining company supporting the decarbonization of energy markets and the global bitcoin network.
- Focus on low-cost renewable energies: Iris Energy targets markets with low cost, surplus and/or underutilized renewable energy, and where the Company can support local communities
- Long-term security of infrastructure, land and power supply: Iris Energy builds, owns and operates its electrical infrastructure and proprietary data centers, ensuring long-term security and operational control of its assets
- Experienced management team: The Iris Energy team has an impressive track record of success in energy, infrastructure, renewable energy, finance, digital assets and data centers, with cumulative experience in delivering more than $25 billion in energy and infrastructure projects worldwide
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Iris Energy. For example, forward-looking statements include, but are not limited to, the Company’s planned increase in energy capacity and operating capacity, the Company’s business plan, the Company’s capital raising plans the Company, the Company’s anticipated additional capital expenditures and borrowings, the impact of discussions with Bitmain regarding the Company’s hardware purchase agreement for additional miners, and the expected timing of hardware deliveries and the start-up and/or expansion of operations at company sites. In some cases, you can identify forward-looking statements by words such as “anticipate”, “believe”, “may”, “may”, “should”, “could”, “could”, “plan”, “possible, “plan”, “strive”, “budget”, “plan”, “expect”, “intend”, “target”, “will”, “estimate”, “predict”, “potential”, “continuing”, “planned” or the negatives of these terms or their variations or similar terminology, but the absence of these words does not mean that this statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statement or information that refers to expectations, beliefs, plans, projections, goals, performance, or other characterizations of events o u of future circumstances, including any underlying assumptions, is forward-looking.
These forward-looking statements are based on management’s current expectations and beliefs. These statements are not promises or guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Iris Energy’s actual results, performance or achievements to be materially different from the results, future performance or achievement expressed or implied by the forward statements. forward-looking statements, including, but not limited to: Iris Energy’s limited operating history with operating losses; blackout, limitation of electricity supply or increase in electricity costs; long-term failure or limitation of the Internet connection on Iris Energy sites; any critical failure of critical electrical equipment or data center; serial defects or underperformance of Iris Energy’s equipment; the inability of suppliers to execute relevant supply contracts for equipment already purchased, which could delay Iris Energy’s expansion plans; supply chain and logistics issues for Iris Energy or Iris Energy’s suppliers; cancellation or withdrawal of required operating and other permits and licenses; risks customary in the development of greenfield infrastructure projects; the evolution of Iris Energy’s business model and strategy; Iris Energy’s ability to successfully manage its growth; Iris Energy’s ability to raise additional financing (whether due to market conditions, Iris Energy’s financial condition or otherwise) in a timely manner, or at all, which could adversely impact the Company’s ability to meet its capital commitments (including payments due under its hardware purchase agreements with Bitmain) and the Company’s growth plans; Iris Energy’s failure to make certain payments due under any of its hardware purchase agreements with Bitmain in a timely manner could result in damages, claims for specific performance, or other claims against Iris Energy, each of which may result in a loss of all or part of any prepayments or deposits made under the relevant contract or other liabilities relating to the relevant contract, and may also prevent Iris Energy from receiving certain rebates under of the relevant contract or not to receive the relevant material at all, which could have an adverse effect on its business, its plans for operational expansion, its financial condition, its cash flows and its results of operations; the terms of any additional financing, which could be less favorable or require Iris Energy to comply with more onerous covenants or restrictions, which could restrict its business activities and adversely impact its financial condition, cash flows and results operating; competition; Bitcoin prices, which could adversely impact its financial condition, cash flow and results of operations, as well as its ability to raise additional funding; risks related to health pandemics including those of COVID-19; changes in the regulation of digital assets; and other important factors discussed under “Risk Factors” in Iris Energy’s final prospectus filed pursuant to Rule 424(b)(4) with the SEC on November 18, 2021, as such factors may be updated from time to time in its other filings with the SEC, available on the SEC’s website at www.sec.gov and in the Investor Relations section of Iris Energy’s website at address https://investors.irisenergy.co.
These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statements made by Iris Energy in this press release speak only as of the date of this statement. Except as required by law, Iris Energy disclaims any obligation to update or revise, or publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.
+61 477 946 068
+61 411 376 332
To keep up to date with Iris Energy press releases and SEC filings, please subscribe to email alerts at https://investors.irisenergy.co/ir-resources/email-alerts.
1 The timing and volume of any additional future deliveries (i.e. beyond the 1.7 PE/s planned for shipment in August 2022) under the separate hardware purchase agreement of 400 million dollars for miners are in ongoing discussions with Bitmain. The Company has not made all recent payments under this contract and does not currently expect to make any future payments for such additional future deliveries under this contract. The Company cannot give any assurance as to the outcome of these discussions (including any impact on the Company’s expansion plans or payments made under this contract).