Bitcoin mining company Iris Energy plans to increase its data center hashrate from 5.6 EH/s to 9.1 EH/s in early 2024

Iris Energy has announced that at its 600 MW Childress site, the remaining 80 MW data center of Phase 1 (first 100 MW) is under construction. The additional four 20 MW data centers are expected to increase the company’s potential operating capacity by approximately 63% (from 5.6 EH/s to 9.1 EH/s), and are targeted for completion by early 2024. Other long-term projects will also continue, including Childress Phase 2 (the second 100 MW), which is expected to release about 13.6 EH/s of hashrate. Iris Energy said that the short-term focus is still on data center construction, while maintaining flexibility in the timing of purchasing miners according to funding and market conditions. The company is well-capitalized with approximately $64 million in cash, no debt, and is currently operating cash flow based on 5.6 EH/s of hashrate, as well as additional options for committed equity arrangements.