Bitcoin Miner Iris Energy Reports Record Earnings, With Expansion on Track
The company said construction at its Mackenzie facility in British Columbia, Canada is ahead of schedule.
Feb 9, 2022 at 10:42 p.m. UTCUpdated May 11, 2023 at 4:07 p.m. UTC
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In its first quarterly results since coming public late last year, Sydney-based Iris Energy (IREN) reported mining 364 bitcoin (BTC) in its fiscal second quarter (ended Dec. 31), up 51% from three months earlier.
- Revenue of $20 million was up about 93% from the previous quarter, and adjusted earnings before interest, taxes, and depreciation (EBITDA) of $14.3 million was up more than 156%; adjusted EBITDA margin of 72% rose from 54% previously.
- The revenue and EBITDA gains are thanks to a 97% quarterly jump in operating hashrate to 685 PH/s and the resultant 51% rise in bitcoins mined to 364, combined with the higher average price of bitcoin during the October quarter.
- The company said construction at its Mackenzie facility in British Columbia is ahead of schedule, with commissioning of the first 0.3 EH/s expected early in the second quarter this year followed by full ramp up to 1.5 EH/s in Q3. Another British Columbia facility, Prince George, is on track to deliver 1.4 EH/s mining capacity in Q3 2022, with expansion to 2.4 EH/s expected in 2023.
- “Iris Energy is on track to be one of the largest listed bitcoin miners with 15 EH/s of hardware secured (~10 EH/s expected to be operational by early 2023) and 765MW of grid-connected power operating or under construction,” said founder and co-CEO Daniel Roberts.
- On Jan. 21, the miner said it secured a 600-megawatt connection agreement for a new Texas crypto mining facility.
- IREN shares are posting modest gains in after-hours action, with bitcoin (BTC) steadying just above $44,000.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets