As a vertically diversified data center company, IREN seems to have made it to a critical inflection point. Their mission is to sustainably power Bitcoin mining, AI, and other high-performance computing applications with 100% renewable energy. The company’s techno-economic based Bitcoin mining strategy saw it achieve a sizable enterprise capacity of 50 EH/s. This milestone further solidifies its claim to be one of the largest and lowest-cost Bitcoin producers in the world. This milestone is buoyed by IREN’s 750MW Childress site, which currently hosts 650MW of operating capacity. Looking forward, IREN is imagining different forms of growth. To that end, they are currently building their first Horizon 1 – a 50MW liquid cooled AI data center slated to come online in Q4 2025.

Although these developments might seem sudden, IREN’s growth has actually been meteoric. In under 30 months, it grew by about 50x to become one of the largest players in the Bitcoin mining industry. The company operates 810MW of data centers, supporting its three core business verticals: Bitcoin Mining, AI Cloud Services, and AI Data Centers. IREN’s revenues come from selling the Bitcoin they mine every day. This strategy limits balance sheet exposure while connecting financial performance to operational performance – not just speculating on price movements.

The company’s recent milestone of 50 EH/s marks a key inflection point in the company’s growth journey. This milestone is a testament to IREN’s capacity to quickly and efficiently deploy sophisticated energy and high-performance data center infrastructure. Since its inception, the company has emphasized operational efficiency and scalability. Consequently, it has rapidly established itself as one of the top Bitcoin miners.

Reaching 50 EH/s is a defining milestone and a testament to our ability to rapidly deliver complex energy and data center infrastructure. In just 30 months, we’ve scaled organically ~50x to become one of the world’s largest and most efficient Bitcoin miners. - Daniel Roberts, Co-Founder and Co-CEO of IREN

It goes without saying, IREN’s success is undergirded by a strong commitment to responsible operations and thoughtful vision. The company assumes a 100% hardware uptime, net electricity costs of 3.5 cents per kilowatt-hour (kWh), a Bitcoin block reward of 3.125 BTC, transaction fees of 0.1 BTC, pool fees of 0.16%, and a power consumption of 765MW for its calculations. These assumptions underscore IREN’s focus on keeping the lowest-cost, most reliable, mining operation in the field.

IREN is in a unique position to further diversify its business outside of Bitcoin mining. Engititech is deep in the R&D of Horizon 1, a state-of-the-art 50MW liquid-cooled AI data center. They expect to have it delivered by Q4 2025. This thriving expansion truly reflects IREN’s vision. Part of that focus is to capture the growing global market for high-performance computing (HPC) solutions, particularly in the burgeoning AI space.

With 50 EH/s of mining expansion complete, we’re now turning to our next frontier, leveraging the same execution discipline to scale AI infrastructure across high-growth compute markets. - Daniel Roberts, Co-Founder and Co-CEO of IREN

IREN’s expansion plans involve continuing to expand its current data center locations and engineering and deploying direct-to-chip liquid cooling systems. These initiatives improve the efficiency and performance of IREN’s infrastructure. This momentum is allowing the company to remain competitive during the volatile Bitcoin mining and rapidly growing AI industry.

IREN’s operations are limited by many risks and uncertainties. Bitcoin’s market price and foreign exchange rates are subject to vast changes in short periods of time. Such changes would have a dramatic impact on the company’s bottom line. The company must be able to obtain more capital as required on commercially reasonable terms. This is especially important given the capital intensive nature of this work and its plans to rapidly expand.

IREN’s debt obligations may limit its ability to conduct business. Any decrease in the company’s ability to service its debt may have a material adverse impact on its financial condition, cash flows and results of operations. These costly realities place an even higher premium on smart fiscal stewardship and savvy enterprise-level decision-making for IREN.

As an organization, IREN believes in maintaining transparency and regulatory compliance. The company assumes no obligation to update or revise any forward-looking statements, except as required by law. This commitment is an indication of IREN’s long-standing belief that their stakeholders deserve the highest, most precise and prompt information available.