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SYDNEY – Iris Power Restricted (NASDAQ: IREN), an information middle agency specializing in mining and AI cloud companies, introduced its operational growth plans for 2024, aiming to achieve a 20 EH/s hashrate capability.
The corporate, which operates on 100% renewable power, reported that it has already elevated its working hashrate to 7 EH/s and anticipates commissioning the remaining 3 EH/s within the first half of the yr.
The second half of 2024 is about to see a big scaling of operations, with an extra 10 EH/s of latest Bitmain T21 miners secured underneath fastened worth contracts. This growth is coupled with a 200MW improve at its current Childress knowledge middle. Iris Power’s present operational capability stands at 220MW, with plans to develop to 460MW throughout the yr.
The corporate’s progress technique additionally consists of the growth of its AI cloud companies, leveraging 816 NVIDIA (NASDAQ:) H100 GPUs. Its growth portfolio boasts 2,160MW of secured energy capability throughout North America and a property portfolio exceeding 1,000 acres, together with an extra growth pipeline.
Iris Power’s dedication to renewable power targets underutilized sources and goals to assist electrical grids and native communities. The corporate’s know-how stack is designed to optimize efficiency throughout its AI Cloud Companies, Bitcoin Mining, and power buying and selling operations.
These forward-looking statements, as outlined by the Non-public Securities Litigation Reform Act of 1995, contain dangers and uncertainties that would trigger precise outcomes to vary materially from these projected. Elements influencing these projections embrace Bitcoin worth fluctuations, the corporate’s capability to acquire extra capital, the success of progress methods, and the power to safe clients, amongst others.
This enterprise replace is predicated on a press launch assertion from Iris Power Restricted. The corporate’s technique and operational objectives are topic to vary based mostly on market circumstances, shareholder worth issues, and funding availability. Choices concerning the Childress growth and miner buy choices are anticipated to be made all through 2024.
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