IREN December 2024 Monthly Update

Core Insights - IREN Limited achieved its year-end target of 31 EH/s in Bitcoin mining, surpassing the original target of 20 EH/s [2][5][9] - The company reported significant growth in Bitcoin mining metrics, including a 450% increase in mining capacity and a record revenue of $52.1 million for December 2024, driven by higher Bitcoin prices and increased operating hashrate [7][9] - IREN is on track to expand its mining capacity to 50 EH/s by H1 2025, with ongoing construction and operational enhancements across its data centers [5][20] Bitcoin Mining Performance - Average operating hashrate increased to 28.1 EH/s in December 2024, up from 19.7 EH/s in November 2024 [3] - A total of 529 BTC was mined in December 2024, compared to 379 BTC in November 2024 [3] - Mining revenue for December reached $52.1 million, reflecting a 60% increase from the previous month [9] Financial Metrics - Revenue per Bitcoin mined increased to $98,524 in December 2024, up from $86,065 in November 2024 [3] - Electricity costs per Bitcoin mined were $22,799 in December 2024, slightly higher than $22,575 in November 2024 [3] - Hardware profit for December was $40.1 million, with a profit margin of 77% [3][9] AI Cloud Services - AI Cloud Services generated $0.8 million in revenue in December 2024, with a hardware profit margin of 98% [3] - The company has installed 1,896 NVIDIA H100 and H200 GPUs to support its AI Cloud Services business [6][13] Data Center Expansion - The Childress data center has expanded its operating capacity to 350 MW, with a total of 510 MW across all operating data centers [14][15] - The company is progressing with the construction of additional phases at Childress, aiming for a total capacity of 910 MW by H1 2025 [15][20] Corporate Developments - IREN completed a $440 million oversubscribed offering of convertible notes to support its expansion plans [7] - The company is actively negotiating additional AI and high-performance computing (HPC) opportunities [6][7]