Bitcoin

In a stellar performance for the fiscal year 2024, IREN reported a more than twofold increase in its Bitcoin mining revenue, soaring from $75.5 million in FY23 to an impressive $184.1 million in FY24. This remarkable growth underlines the company's successful expansion and operational efficiency in the highly competitive cryptocurrency mining sector, according to <a href="https://ultramining.com/" rel="noopener noreferrer nofollow">Ultramining.com</a>.
The increase in revenue is largely attributed to the strategic expansion of IREN's mining infrastructure. Over the past year, the company aggressively expanded its operational hashrate, which grew by 66%, from 6.6 EH/s to 9.3 EH/s. This substantial increase in computing power allowed IREN to mine a total of 4,191 BTC, a 29% rise from the previous year's 3,259 BTC. This expansion was supported by the acquisition of advanced mining equipment and the deployment of state-of-the-art data centers, positioning IREN as a leading player in the global Bitcoin mining industry.
Moreover, IREN's decision to diversify its energy sources by securing renewable energy certificates and optimizing its power consumption has also played a crucial role in enhancing profitability. The company's ability to manage electricity costs, which constitute a significant portion of mining expenses, has provided a solid foundation for this revenue surge.

Significant Growth in Bitcoin Mining Revenue for IREN in FY24

Ultramining_Eng

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