Bitcoin Miner Iris Energy Reports Record Earnings, With Expansion on Track

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.

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• 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.