September 2024 Monthly Investor Update

Core Insights - IREN reported a significant increase in Bitcoin mining operations, achieving 347 Bitcoin mined in September 2024, with a notable reduction in electricity costs per Bitcoin to $23.6k, reflecting improved efficiency [2][3] - The company is on track to increase its installed hashrate to 31 EH/s by the fourth quarter of 2024, having already achieved 21 EH/s [3] - AI Cloud Services revenue decreased to $685,000 in September due to re-contracting efforts, but strong customer demand remains evident [4] Bitcoin Mining - The average operating hashrate increased to 16.5 EH/s in September from 10.9 EH/s in August, marking a 51% increase [2] - Mining revenue rose by 42% to $21.4 million in September, driven by increased capacity [3] - The hardware profit margin for Bitcoin mining improved to 62% in September, up from 51% in August [2] AI Cloud Services - AI Cloud Services revenue for September was $685,000, down from $1.29 million in August, attributed to re-contracting of Poolside capacity [4] - The company has purchased an additional 1,080 NVIDIA H200 GPUs, increasing the total GPU fleet to 1,896 [4] - The AI Cloud Services segment is estimated to contribute approximately 10% to run-rate earnings by year-end [2] Data Centers - IREN operates 360 MW of data center capacity, with plans to expand to 510 MW in 2024 [2] - Childress Phase 2 (100 MW) is complete, and Phase 3 (150 MW) is expected to be operational in Q4 2024 [5] - The company is engaged in ongoing monetization conversations regarding its data centers [2] Community Engagement - The IREN Community Grants Program is actively funding initiatives that benefit local communities, with events scheduled in Mackenzie, Prince George, and Childress [7] - Upcoming events include participation in various conferences, enhancing community and industry engagement [7]