Key Points
- IREN records a significant increase in Bitcoin mining revenue, reaching $184.1 million in 2024.
- The company doubles its mining capacity and aims for 30 EH/s by year-end.
IREN, formerly known as Iris Energy, has had a successful year in Bitcoin mining, setting new records and dispelling market skepticism. On August 28, 2024, the company disclosed its financial performance, demonstrating a substantial rise in both revenue and capacity.
For the fiscal year that ended on June 30, 2024, IREN’s Bitcoin mining revenue skyrocketed to $184.1 million. This was a significant 144% increase from the $75.5 million earned in the previous year. The primary drivers of this growth were a rise in hash rate and an increase in Bitcoin prices.
Expansion of Mining Capacity
The company has successfully doubled its self-mining capacity, raising it from 5.6 EH/s to 10 EH/s. This growth allowed IREN to mine a record 4,191 BTC, an increase from 3,259 BTC in the previous fiscal year. As of August 28, 2024, IREN’s total installed capacity is 15 EH/s.
IREN’s aggressive expansion plans position the company for even more success. The company aims to reach a hash rate of 20 EH/s by September 2024 and a significant 30 EH/s by the end of the year. This rapid growth is facilitated by the purchase of 10.5 EH/s worth of advanced Bitmain S21 XP miners, expected by November 2024.
Daniel Roberts, IREN’s co-founder and co-CEO, is optimistic about the FY24 results, underlining the continued growth in revenue, earnings, and cash flow. He stated, “Our 2024 guidance remains unchanged. With 15 EH/s installed, we are well on track to achieve our 20 EH/s milestone next month and 30 EH/s this year.”
Diversification and Growth Strategy
In addition to Bitcoin mining, IREN is strategically diversifying its revenue sources. The company recently reported $3.1 million in AI cloud revenue, demonstrating its dedication to expanding its data center infrastructure and exploring new opportunities.
IREN’s financial results underscore the effectiveness of its growth strategy. The company’s adjusted EBITDA jumped from $1.4 million in 2023 to $54.7 million in 2024. This growth was accompanied by an increase in electricity costs due to the increased hash rate. Electricity expenses rose from $35.8 million in 2023 to $76 million in 2024.
Despite the higher costs, IREN’s financial health improved. The company lowered its net loss from $171.9 million in 2023 to $29 million in 2024. It also reported a strong cash position of $404.6 million as of June 30, 2024, with no outstanding debt.
