Iris Power Will increase Mining Capability by 25% to 7.0 EH/s

Iris Power Restricted (IREN) (along with its subsidiaries, “Iris Power” or “the Firm”), a number one proprietor and operator of institutional-grade, extremely environment friendly Bitcoin mining knowledge facilities powered by 100% renewable power, immediately introduced it’s rising its self-mining capability by 25% from 5.6 EH/s to 7.0 EH/s.

Key Highlights

• Acquisition of 1.4 EH/s of latest-generation Bitmain S21 miners
• Self-mining capability rising by 25% to 7.0 EH/s
• Main 17.5 J/TH effectivity to enhance resilience post-halving
• $19.6 million buy worth ($14/TH)1 – $2.9 million deferred till one 12 months after cargo
• Anticipated to be put in on the Firm’s website in Childress, Texas
• Close to-term enlargement elevated to 9.4 EH/s2

Iris Power has partnered with Bitmain Applied sciences Delaware Restricted (“Bitmain”) to accumulate roughly 7,000 latest-generation Bitmain S21 miners. Transport is scheduled for early 2024, rising the Firm’s self-mining capability from 5.6 EH/s to 7.0 EH/s – a rise of 25%.

Bitmain’s S21 miners exhibit industry-leading effectivity (at 17.5 J/TH), thereby rising:

• fleet resilience post-halving;
• capital effectivity of information facilities (elevated income per knowledge heart); and
• upside to Bitcoin (increased hashrate per knowledge heart than beforehand anticipated).

$16.7 million ($11.9/TH) of the acquisition worth might be paid previous to cargo. The remaining 15% of the acquisition worth (~$2.9 million or $2.1/TH) is deferred till one 12 months after cargo.

The acquisition is anticipated to be funded from current capital sources, together with money in financial institution (~$64 million, no debt)3, working money move and different not too long ago disclosed funding packages (as relevant).

The Firm’s 80MW enlargement at Childress stays on monitor, with knowledge facilities anticipated to be delivered progressively from early 2024.

The Firm is now focusing on near-term enlargement in potential working capability of as much as 9.4 EH/s (beforehand 9.1 EH/s)2 and continues to observe the marketplace for extra {hardware} acquisition alternatives.

The Firm continues to progress its single website enlargement program to 30 EH/s2,4.

About Iris Power

Iris Power is a sustainable Bitcoin mining firm that helps the decarbonization of power markets and the worldwide Bitcoin community.

• 100% renewables: Iris Power targets websites with low-cost, under-utilized renewable power, and helps native communities
• Lengthy-term safety over infrastructure, land and energy provide: Iris Power builds, owns and operates its electrical infrastructure and proprietary knowledge facilities, offering long-term safety and operational management over its property
• Seasoned administration workforce: Iris Power’s workforce has a formidable monitor report of success throughout power, infrastructure, renewables, finance, digital property and knowledge facilities with cumulative expertise in delivering >$25bn in power and infrastructure tasks globally

Ahead-Trying Statements

This press launch contains “forward-looking statements” throughout the that means of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements typically relate to future occasions or Iris Power’s future monetary or working efficiency. For instance, forward-looking statements embody however should not restricted to the Firm’s enterprise technique, anticipated operational and monetary outcomes, and anticipated improve in energy capability and hashrate. In some instances, you’ll be able to establish forward-looking statements by terminology reminiscent of “anticipate,” “consider,” “might,” “can,” “ought to,” “may,” “would possibly,” “plan,” “doable,” “undertaking,” “try,” “finances,” “forecast,” “count on,” “intend,” “goal”, “will,” “estimate,” “predict,” “potential,” “proceed,” “scheduled” or the negatives of those phrases or variations of them or comparable terminology, however the absence of those phrases doesn’t imply that assertion will not be forward-looking. Such forward-looking statements are topic to dangers, uncertainties, and different elements which may trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. As well as, any statements or data that check with expectations, beliefs, plans, projections, aims, efficiency or different characterizations of future occasions or circumstances, together with any underlying assumptions, are forward-looking.

These ahead wanting statements are primarily based on administration’s present expectations and beliefs. These statements are neither guarantees nor ensures, however contain recognized and unknown dangers, uncertainties and different vital elements which will trigger Iris Power’s precise outcomes, efficiency or achievements to be materially completely different from any future outcomes efficiency or achievements expressed or implied by the ahead wanting statements, together with, however not restricted to: Bitcoin worth and overseas forex alternate price fluctuations; Iris Power’s means to acquire extra capital on commercially cheap phrases and in a well timed method to fulfill our capital wants and facilitate its enlargement plans; the phrases of any future financing or any refinancing, restructuring or modification to the phrases of any future financing, which may require Iris Power to adjust to onerous covenants or restrictions, and its means to service its debt obligations; Iris Power’s means to efficiently execute on its progress methods and working plans, together with its means to proceed to develop its current knowledge heart websites and to extend its diversification into the marketplace for potential HPC options; Iris Power’s restricted expertise with respect to new markets it has entered or might search to enter, together with the marketplace for HPC options; expectations with respect to the continuing profitability, viability, operability, safety, recognition and public perceptions of the Bitcoin community; expectations with respect to the profitability, viability, operability, safety, recognition and public perceptions of any potential HPC options that Iris Power might provide sooner or later; Iris Power’s means to safe clients on commercially cheap phrases or in any respect, notably because it pertains to its potential enlargement into HPC options; Iris Power’s means to handle counterparty danger (together with credit score danger) related to potential clients and different counterparties; Iris Power’s means to safe renewable power and renewable power certificates, energy capability, services and websites on commercially cheap phrases or in any respect; the danger that counterparties might terminate, default on or underperform their contractual obligations; Bitcoin community hashrate fluctuations; delays related to, or failure to acquire or full, allowing approvals, grid connections and different improvement actions customary for greenfield or brownfield infrastructure tasks; our reliance on third social gathering mining swimming pools, exchanges, banks, insurance coverage suppliers and our means to take care of relationships with such events; expectations relating to availability and pricing of electrical energy; Iris Power’s participation and talent to efficiently take part in demand response services and products and different load administration packages run, operated or supplied by electrical energy community operators, regulators or electrical energy market operators; the supply, reliability and price of electrical energy provide, {hardware} and electrical and knowledge heart infrastructure, together with with respect to any electrical energy outages and any legal guidelines and laws which will limit the electrical energy provide accessible to Iris Power; any variance between the precise working efficiency of Iris Power’s {hardware} achieved in comparison with the nameplate efficiency together with hashrate; Iris Power’s means to curtail its electrical energy consumption and/or monetize electrical energy relying on market situations, together with adjustments in Bitcoin mining economics and prevailing electrical energy costs; actions undertaken by electrical energy community and market operators, regulators, governments or communities within the areas wherein Iris Power operates; the supply, suitability, reliability and price of web connections at Iris Power’s services; Iris Power’s means to safe extra {hardware}, together with {hardware} for Bitcoin mining and potential HPC options it could provide, on commercially cheap phrases or in any respect, and any delays or reductions within the provide of such {hardware} or will increase in the price of procuring such {hardware}; expectations with respect to the helpful life and obsolescence of {hardware} (together with {hardware} for Bitcoin mining in addition to {hardware} for different purposes, together with HPC options); delays, will increase in prices or reductions within the provide of apparatus utilized in Iris Power’s operations; Iris Power’s means to function in an evolving regulatory setting; Iris Power’s means to efficiently function and keep its property and infrastructure; reliability and efficiency of Iris Power’s infrastructure in comparison with expectations; malicious assaults on Iris Power’s property, infrastructure or IT programs; Iris Power’s means to take care of in good standing the working and different permits and licenses required for its operations and enterprise; Iris Power means to acquire, keep, shield and implement its mental property rights and different confidential data; whether or not the secular tendencies Iris Power expects to drive progress in its enterprise materialize to the diploma it expects them to, or in any respect; the prevalence of any environmental, well being and security incidents at Iris Power’s websites; any materials prices referring to environmental, well being and security necessities or liabilities; injury to our property and infrastructure and the danger that any insurance coverage Iris Power maintains might not totally cowl all potential exposures; ongoing securities litigation and proceedings referring to the default by two of Iris Power’s wholly-owned particular goal autos beneath restricted recourse tools financing services; ongoing securities litigation relating partially to the default; and any future litigation, claims and/or regulatory investigations, and the prices, bills, use of assets, diversion of administration time and efforts, legal responsibility and damages which will outcome therefrom; any legal guidelines, laws and moral requirements which will relate to Iris Power’s enterprise, together with people who relate to Bitcoin and the Bitcoin mining {industry} and people who relate to another options we might provide (reminiscent of potential HPC options), together with laws associated to knowledge privateness, cybersecurity and the storage, use or processing of knowledge; any mental property infringement and product legal responsibility claims; our means to draw, inspire and retain senior administration and certified staff; elevated dangers to our international operations together with, however not restricted to, political instability, acts of terrorism, theft and vandalism, cyberattacks and different cybersecurity incidents and sudden regulatory and financial sanctions adjustments, amongst different issues; local weather change and pure and man-made disasters which will materially adversely have an effect on our enterprise, monetary situation and outcomes of operations; the continuing results of COVID-19 or another outbreak of an infectious illness and any governmental or {industry} measures taken in response; our means to stay aggressive in dynamic and quickly evolving industries; injury to our model and fame; and different vital elements mentioned beneath the caption “Threat Components” in Iris Power’s annual report on Kind 20-F filed with the SEC on September 13, 2023 as such elements could also be up to date every now and then in its different filings with the SEC, accessible on the SEC’s web site at www.sec.gov and the Investor Relations part of Iris Power’s web site at https://buyers.irisenergy.co.

These and different vital elements may trigger precise outcomes to vary materially from these indicated by the forward-looking statements made on this press launch. Any forward-looking assertion that Iris Power makes on this press launch speaks solely as of the date of such assertion. Besides as required by legislation, Iris Power disclaims any obligation to replace or revise, or to publicly announce any replace or revision to, any of the forward-looking statements, whether or not because of new data, future occasions or in any other case.

Contacts

MediaJon SnowballDomestique+61 477 946 068

TradersLincoln TanIris Power+61 407 423 395lincoln.tan@irisenergy.co

To maintain up to date on Iris Power’s information releases and SEC filings, please subscribe to electronic mail alerts at https://buyers.irisenergy.co/ir-resources/email-alerts.

__________________________________1 Buy worth excludes transport and taxes and is web of Bitmain bonuses and coupon packages.2 Assumes future buy and set up of Bitmain S19 XP miners (past the introduced 1.4 EH/s of Bitmain S21 miners). Further miners haven’t but been bought and the Firm will proceed to observe the marketplace for funding and buy alternatives. Hashrate figures might change relying on miner procurement choice. There may be no assurance that Iris Power will be capable to procure any extra miners in any respect, or on phrases which are favorable to Iris Power.3 Displays USD equal, unaudited preliminary money, money equivalents and time period deposits as of September 30, 2023.4 Illustrates potential Iris Power hashrate if Childress is totally built-out to 600MW (i.e. 760MW of Firm combination energy capability). There may be no assurance that Iris Power achieves this capability.

Supply: IRIS ENERGY LIMITED