IREN Reports Record $184.1 Million in Bitcoin Mining Revenue as Capacity Nearly Doubles

The company reported $184.1 million in bitcoin mining revenue, a 144% increase from $75.5 million in the previous fiscal year. The increase was driven by a combination of rising hashrate and higher Bitcoin prices.

The company nearly doubled its self-mining capacity during the period, from 5.6 exahashes per second (EH/s) to 10 EH/s. As a result, IREN mined a record 4,191 BTC, up from 3,259 BTC in the previous fiscal year.

The company has deployed a total capacity of 15 EH/s as of August 28 and is on track to reach 20 EH/s next month and 30 EH/s by the end of 2024. This growth is supported by the purchase of the latest-generation Bitmain S21 XP miners worth 10.5 EH/s, which are expected to be delivered by November.

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“We are pleased to report our full FY24 results, which highlight continued growth in revenue, earnings and cash flow. Our 2024 guidance remains unchanged. With 15 EH/s installed, we are on track to reach our 20 EH/s milestone next month and 30 EH/s this year,” said Daniel Roberts, co-founder and co-CEO of IREN.

In addition to its bitcoin mining operations, IREN reported $3.1 million in AI cloud revenue for the first time, reflecting the company’s efforts to diversify its service offerings amid its expanding data center operations.