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- Iris is approaching the completion of phase 1 of its 600MW facility in Childress, Texas.
- IREN stock experienced a 21.1% increase on the day following the announcement of its expansion plans.
Iris Energy (IREN), a Bitcoin mining enterprise traded on NASDAQ, announced on Tuesday its goal to enhance its hash rate capacity by 63%, increasing from 5.5 EH/s to 9.1 EH/s by early 2024. Additionally, Iris is nearing the completion of phase 1 of its 600MW facility in Childress, Texas, which includes the establishment of 80MW of data center space.
The company indicated in a press release that its immediate focus remains on the construction of data centers, with “flexibility on timing for miner acquisitions,” contingent on available financing and prevailing market conditions.
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<pFollowing the announcement of its growth plans, Iris’s stock price surged by 21.1%, rising from $3.55 to $4.14, resulting in a year-to-date increase of 247%. As anticipated in February, when the firm revealed intentions to approximately triple its capacity from 2.0 EH/s, Iris’s current hash rate capacity stands at 5.6 EH/s.
Legal Tussle
Furthermore, in November, the company reduced its capacity by 3.6 EH/s due to the shutdown of several units that served as collateral for $103 million in loans.
Iris asserts that the loan provider is currently exploring legal avenues. The lender requested last week that any additional Bitcoin mining revenues generated by Iris be utilized as collateral to protect its lending facilities during a hearing in the Supreme Court of British Columbia.
Phase 2 of the mining company’s infrastructure expansion is currently on hold as it awaits “additional long-lead items,” which are expected to unlock approximately 13.6 EH/s of data center capacity. Iris is also considering venturing into “energy-intensive compute applications,” such as AI, due to its access to affordable, renewable energy and substantial data center capacity.
