July 2024 Monthly Investor Update

Core Insights - IREN reported a total of 222 Bitcoin mined in July 2024, with an average operating hashrate of 9,008 PH/s, a decrease from 9,316 PH/s in June 2024 [2][3] - The company aims to expand its mining capacity to 20 EH/s by the end of August 2024 and 30 EH/s by the end of Q4 2024 [2][4] - AI Cloud Services revenue increased by 17% from June to July 2024 and 42% from May to July 2024, driven by the utilization of 816 NVIDIA H100 GPUs [2][4] Bitcoin Mining - The average operating hashrate decreased from 9,316 PH/s in June to 9,008 PH/s in July [2] - Mining revenue for July was reported at $13.592 million, down from $15.490 million in June [2] - Electricity costs surged to $13.674 million in July, significantly higher than $9.183 million in June, impacting the hardware profit margin which fell to -1% [2][3] AI Cloud Services - AI Cloud Services generated $1.266 million in revenue for July, marking a 17% increase from June and a 42% increase from May [2][4] - The fleet for AI Cloud Services is currently fully utilized, servicing six end-customers across reserved and on-demand markets [4] - A Childress GPU pilot is planned for launch in the second half of 2024 [4] Data Centers - IREN operates 260 MW of data center capacity and plans to expand to 510 MW by the end of 2024 [2][5] - The Childress power capacity has been increased from 600 MW to 750 MW, with an additional 150 MW of immediately available power capacity secured [5] - Childress Phase 2 (100 MW) is on track for completion in Q3 2024, while Phase 3 (150 MW) is under construction for Q4 2024 [5][6] Corporate Developments - Morgan Stanley has been appointed as a financial advisor to evaluate monetization opportunities in the AI data center market [7] - Upcoming events include the Analyst & Investor Day in NYC and the CG Annual Growth Conference in Boston [7]