- Iris Energy announces plans to enhance hash rate capacity to 9.1 EH/s by early 2024.
- The company is constructing 80MW of data center space as part of its expansion efforts.
Iris Energy is currently focused on completing the construction of 80 megawatts (MW) of data center space, which represents the initial phase of its 600MW site in Childress, Texas. This strategic move will enable the company to accommodate its growing mining operations and support the increased hash rate capacity.
Following the announcement of its expansion plans, Iris Energy experienced a remarkable 21% surge in its shares on the NASDAQ. This positive market response reflects the confidence in the company’s growth strategy and its ability to capitalize on the opportunities presented by the booming Bitcoin mining sector.
Source: irisenergy.co
The company’s current hash rate capacity stands at 5.6 EH/s, aligning with its earlier projections. However, Iris Energy faced a setback last year when it had to reduce its capacity by 3.6 EH/s due to loan-related challenges. The company remains resolute in refuting the claims raised by the lender seeking remedies, asserting that they hold no merit.
In addition to the ongoing construction in Childress, Texas, Iris Energy is eagerly awaiting the arrival of “additional long-lead items” for the second phase of its infrastructure expansion. This development is expected to unlock an impressive 13.6 EH/s of data center capacity, further strengthening the company’s mining capabilities and positioning it for future growth.
Capitalizing on its access to cost-effective and renewable energy sources, Iris Energy is also exploring the potential for “energy-intensive compute applications” like artificial intelligence. Leveraging its existing operational sites, the company aims to diversify its operations and capitalize on emerging opportunities in the digital economy.
Apart from its activities in Texas, Iris Energy operates three data centers in British Columbia, allowing it to harness favorable mining conditions and optimize its performance.
Iris Energy’s expansion plans align with the broader trend observed in the mining industry, with other major players such as Blockstream and CleanSpark making substantial investments to enhance their mining capacities. As Bitcoin’s price rebounds from recent lows, these companies are positioning themselves to maximize their mining operations and drive increased value.
