August 2024 Monthly Investor Update

Core Insights - IREN, a next-generation data center company, released its monthly investor update for August 2024, highlighting significant developments in Bitcoin mining and AI cloud services [1][2]. Bitcoin Mining - The company operates 300 MW of Bitcoin mining capacity, with plans to expand to 510 MW by the end of 2024 [2][6]. - In August 2024, IREN mined 245 Bitcoin, an increase from 222 Bitcoin in July [3][4]. - The average operating hashrate increased to 10,940 PH/s in August from 9,008 PH/s in July [3]. - Electricity costs per Bitcoin significantly decreased to $29,958 in August from $61,677 in July, following a transition to spot pricing [4][3]. - Mining revenue for August reached $14.985 million, up from $13.592 million in July [3]. AI Cloud Services - IREN has installed 816 NVIDIA H100 GPUs, servicing multiple customers, and reported AI cloud services revenue of $1.29 million in August [3][5]. - The company anticipates strong customer demand and has a growing pipeline for AI cloud services [5]. Data Centers - IREN's data center capacity is set to reach 510 MW in 2024, with ongoing construction at Childress Phase 2 (100 MW) and Phase 3 (150 MW) [6]. - The company is engaged in monetization conversations and has signed NDAs with interested parties [6]. - Current operating data centers include Canal Flats, Mackenzie, Prince George, and Childress, totaling 300 MW of capacity [6]. Corporate Financials - As of June 30, 2024, IREN reported $405 million in cash and no debt [8]. - The company continues to experience growth across revenue, earnings, and cash flow [8].