{"id":16523,"date":"2024-08-29T16:29:34","date_gmt":"2024-08-29T13:29:34","guid":{"rendered":"https:\/\/forklog.com\/en\/irens-bitcoin-mining-yields-184-million-in-annual-revenue\/"},"modified":"2024-08-29T16:29:34","modified_gmt":"2024-08-29T13:29:34","slug":"irens-bitcoin-mining-yields-184-million-in-annual-revenue","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/irens-bitcoin-mining-yields-184-million-in-annual-revenue\/","title":{"rendered":"IREN&#8217;s Bitcoin Mining Yields $184 Million in Annual Revenue"},"content":{"rendered":"<p>IREN, formerly known as Iris Energy, mined 4191 BTC in the fiscal year 2024, achieving a record mining revenue of $184.1 million.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24IREN&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IREN<\/a> reported FY24 results<\/p>\n<p>\u2014 Record Adj. EBITDA of $54.7m<br \/>\u2014 Record mining rev. of $184.1m (4,191 Bitcoin mined)<br \/>\u2014 AI Cloud Services rev. of $3.1m<br \/>\u2014 $404.6m cash, no debt<br \/>\u2014 15 EH\/s installed; on track for 30 EH\/s in 2024<br \/>\u2014 10.5 EH\/s S21 XP miners secured<br \/>\u2014 816 NVIDIA H100 GPUs<\/p>\n<p>\u2014 IREN (@IREN_Ltd) <a href=\"https:\/\/twitter.com\/IREN_Ltd\/status\/1828958694534770777?ref_src=twsrc%5Etfw\">August 29, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>This figure marks a 144% increase compared to the previous period ending June 30. In the 2023 fiscal year, the firm generated 3259 BTC.<\/p>\n<p>The revenue growth was primarily driven by the bitcoin rally and IREN&#8217;s increase in hash rate from 5.6 EH\/s to 10 EH\/s.<\/p>\n<p>In August 2024, the company boosted its network capacity to 15 EH\/s, aiming to reach 30 EH\/s by the year&#8217;s end.<\/p>\n<p>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.<\/p>\n<p>The Australian company links its expansion plans to the ongoing construction of its flagship facility in Childress, Texas, USA. IREN&#8217;s report illustrated the site&#8217;s expansion over the year and future prospects.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/IREN-FY24-Results-Presentation-Google-Chrome.webp\" alt=\"IREN-FY24-Results-Presentation-Google-Chrome\" class=\"wp-image-239984\"\/><figcaption class=\"wp-element-caption\">Source: IREN.<\/figcaption><\/figure>\n<p>The firm reported its first revenue from AI computing, amounting to $3.1 million for the year.<\/p>\n<p>In August 2023, IREN invested $10 million in Nvidia graphics processors. According to the report, the company&#8217;s fleet includes 860 H100 model GPUs.<\/p>\n<p>For the fiscal year 2024, the firm recorded a net loss of $29 million, compared to $171.9 million in the previous period.<\/p>\n<p>As of June 30, IREN&#8217;s cash and cash equivalents stood at $404.6 million, with no debt obligations.<\/p>\n<p>Earlier, Bernstein experts highly rated the prospects of public bitcoin miners.<\/p>\n<p>Analysts also noted that investors are attracted to the potential of cryptocurrency miners in the AI sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2014 Record Adj. EBITDA of $54.7m\u2014 Record mining rev. of $184.1m (4,191 Bitcoin mined)\u2014 AI Cloud Services rev. of $3.1m\u2014 $404.6m cash, no debt\u2014 15 EH\/s installed; on track [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1639],"class_list":["post-16523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-iris-energy"],"aioseo_notices":[],"amp_enabled":true,"views":"34","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=16523"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/16523\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/16522"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=16523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=16523"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=16523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}