IREN Achieves Mid-Year Target of 50 EH/s

Core Insights - IREN Limited has achieved a significant milestone by reaching 50 EH/s of installed self-mining capacity, positioning itself as one of the largest and most efficient Bitcoin miners globally [1][2][5] - The company plans to leverage its mining infrastructure to expand into AI data center services, with a new 50MW liquid-cooled AI data center scheduled for delivery in Q4 2025 [2][5] - IREN's operational strategy emphasizes low-cost production, with an all-in cash cost of $41,000 per Bitcoin mined, and aims to maintain financial resilience amid market volatility [7][10] Mining Capacity and Infrastructure - The 50 EH/s milestone is supported by the 750MW Childress site, which currently operates at 650MW capacity [2][5] - IREN's mining operations are designed to be scalable and efficient, utilizing low-cost renewable energy and advanced cooling technologies [5][16] Financial Performance and Strategy - The company reported a mining revenue of $235 million, with net electricity costs also at $235 million, indicating a break-even scenario in terms of electricity expenses [6][10] - IREN's flexible capital structure, relying primarily on convertible notes for financing, allows for strategic growth without diluting equity [7][10] Future Growth and Market Position - IREN is positioned to capitalize on the growing demand for high-performance computing and AI services, with a significant investment in infrastructure to support these sectors [5][16] - The company has secured a power portfolio of 2,910MW across over 2,000 acres in the U.S. and Canada, enhancing its operational capabilities [18]