Iris Energy, a Bitcoin mining company placing a strong emphasis on eco-friendly practices and renewable energy sources, is on the brink of a substantial expansion in its operational mining capacity. The first half of 2024 is earmarked for the reception of substantial mining hardware orders from Bitmain, a leading Chinese manufacturer. This strategic maneuver is anticipated to propel Iris Energy's cumulative hash rate to an impressive 10 exahashes per second (EH/s) by the year 2024.
The recent disclosure of an acquisition illuminates Iris Energy's success in securing an additional 1.6 EH/s through state-of-the-art Bitmain T21 miners, with the scheduled delivery slated for the second quarter of 2024. As of December 2023, the company has already established an operational capacity of 5.6 EH/s. Noteworthy is the expected deployment of the latest Bitmain hardware, which is not only projected to augment the overall hash rate but also enhance operational efficiency significantly. The transition from 29.5 joules per terahash (J/TH) to 24.8 J/TH marks a substantial improvement in the company's energy efficiency metrics.
To facilitate this strategic progression, Iris Energy has committed a substantial investment of $22.3 million in the latest Bitmain order, valuing the hardware at $14 per terahash. The company harbors optimism regarding achieving a mining output of 1.4 EH/s by activating a previous order of Bitmain S21 miners in the first quarter.
Operating data center facilities across diverse North American sites, including Canal Flats, Mackenzie, Prince George in Canada's British Columbia, and its flagship Childress site in Texas, Iris Energy is unwavering in its commitment to sustainability. A clarification on its website underscores that its three Canadian sites derive an impressive 98% of their power from renewables, with any residual energy use offset through the acquisition of renewable energy certificates.
