IREN, formerly known as Iris Energy, mined 4191 BTC in the fiscal year 2024, achieving a record mining revenue of $184.1 million.
$IREN reported FY24 results
— Record Adj. EBITDA of $54.7m
— Record mining rev. of $184.1m (4,191 Bitcoin mined)
— AI Cloud Services rev. of $3.1m
— $404.6m cash, no debt
— 15 EH/s installed; on track for 30 EH/s in 2024
— 10.5 EH/s S21 XP miners secured
— 816 NVIDIA H100 GPUs— IREN (@IREN_Ltd) August 29, 2024
This figure marks a 144% increase compared to the previous period ending June 30. In the 2023 fiscal year, the firm generated 3259 BTC.
The revenue growth was primarily driven by the bitcoin rally and IREN’s increase in hash rate from 5.6 EH/s to 10 EH/s.
In August 2024, the company boosted its network capacity to 15 EH/s, aiming to reach 30 EH/s by the year’s end.
This goal is supported by a new contract to purchase 39,000 Antminers S21XP, with a combined hash rate of 10.5 EH/s. Equipment deliveries are expected by November.
The Australian company links its expansion plans to the ongoing construction of its flagship facility in Childress, Texas, USA. IREN’s report illustrated the site’s expansion over the year and future prospects.
The firm reported its first revenue from AI computing, amounting to $3.1 million for the year.
In August 2023, IREN invested $10 million in Nvidia graphics processors. According to the report, the company’s fleet includes 860 H100 model GPUs.
For the fiscal year 2024, the firm recorded a net loss of $29 million, compared to $171.9 million in the previous period.
As of June 30, IREN’s cash and cash equivalents stood at $404.6 million, with no debt obligations.
Earlier, Bernstein experts highly rated the prospects of public bitcoin miners.
Analysts also noted that investors are attracted to the potential of cryptocurrency miners in the AI sector.