Bitcoin

IREN, formerly known as Iris Energy, has <a href="https://irisenergy.gcs-web.com/static-files/9e08b776-fba3-488f-b253-dc08f9429d47" rel="nofollow noopener" target="_blank">announced</a> a groundbreaking bitcoin mining revenue of $184.1 million for the fiscal year ending June 30, 2024. This IREN bitcoin mining revenue represents a dramatic 144% increase from the $75.5 million earned in the previous year. The substantial rise in IREN Bitcoin mining revenue is attributed to the company’s nearly doubled mining capacity and the higher value of bitcoin during this period. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-42926 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/Designer-2024-08-30T130321.533.jpeg" alt="IREN Bitcoin Mining Revenue Hits Record $184.1M as Capacity Nearly Doubles" width="1792" height="1024" title="IREN Bitcoin Mining Revenue Hits Record $184.1M as Capacity Nearly Doubles 46"> 
<h2 id="b-expansion-of-mining-capacity-b">Expansion of Mining Capacity</h2> 
Over the past fiscal year, IREN expanded its self-mining capacity from 5.6 EH/s (exahashes per second) to 10 EH/s. This significant increase allowed the company to mine a record 4,191 <a href="https://www.coindesk.com/price/bitcoin" rel="nofollow noopener" target="_blank">BTC </a>(bitcoins), up from 3,259 <a href="https://www.coindesk.com/price/bitcoin" rel="nofollow noopener" target="_blank">BTC</a> in the previous year. As of August 28, 2024, IREN has a total installed capacity of 15 EH/s and is on track to reach 20 EH/s next month. The company aims to achieve 30 EH/s by the end of 2024, supported by an order for 10.5 EH/s worth of the latest-generation Bitmain S21 XP miners, expected by November. 
“We are pleased to report our full year FY24 results, which highlight continued growth across revenue, earnings, and cash flow,” said Daniel Roberts, co-founder and co-CEO of IREN. “With 15 EH/s installed, we are well on track to achieve our 20 EH/s milestone next month and 30 EH/s by year-end.” 
In addition to its strong performance in bitcoin mining, IREN has diversified its revenue streams by entering the artificial intelligence (AI) sector. The company reported AI cloud revenue of $3.1 million for the first time. This new IREN bitcoin mining revenue stream is part of IREN’s broader strategy to expand its service offerings amid ongoing data center expansions, positioning the company to capitalize on emerging technologies. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-42929 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/Designer-2024-08-30T130313.828.jpeg" alt="IREN Bitcoin Mining Revenue Hits Record $184.1M as Capacity Nearly Doubles" width="1792" height="1024" title="IREN Bitcoin Mining Revenue Hits Record $184.1M as Capacity Nearly Doubles 47"> 
<h2 id="b-iren-bitcoin-mining-revenue-financial-performance-and-cost-management-b">IREN Bitcoin Mining Revenue-Financial Performance and Cost Management</h2> 
IREN’s adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) for the fiscal year reached $54.7 million, a significant improvement from $1.4 million in the previous year. This sharp increase highlights the company’s successful operational efficiencies and growth. 
However, increased mining capacity led to higher costs.&nbsp;IREN Bitcoin mining revenue was supported by the escalating operational costs, with electricity expenses rising from $35.8 million in 2023 to $76 million in 2024. Additionally, operational costs grew from $38.4 million to $56.5 million, encompassing the procurement of renewable energy credits and other expenses related to IREN’s commitment to 100% renewable energy. 
Despite these rising costs, IREN reduced its net loss to $29 million for the fiscal year, down from $171.9 million the previous year. The company’s strong cash position, with audited cash and cash equivalents of $404.6 million as of June 30, 2024, and no outstanding debt, underscores its improved financial health. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-42769 size-full" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/08/traxer-dV7UYaPtv6w-unsplash-1-scaled.jpg" alt="IREN Bitcoin Mining Revenue Hits Record $184.1M as Capacity Nearly Doubles" width="2560" height="1703" title="IREN Bitcoin Mining Revenue Hits Record $184.1M as Capacity Nearly Doubles 48"> 
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Following the release of these results, IREN’s stock saw a positive reaction, climbing 5.5% to $7.83 in pre-market trading, according to TradingView. The stock has gained nearly 25% over the past six months, although it remains 5.6% down year-to-date due to broader market trends affecting the cryptocurrency sector. 
<h2 id="b-conclusion-b">Conclusion</h2> 
IREN Bitcoin Mining Revenue&nbsp;and expanded capacity highlight its significant progress and impact on the bitcoin mining industry. The company’s ability to effectively scale its operations and achieve substantial revenue growth positions it as a leading player in the sector. As IREN continues to innovate and expand, it is poised for further success in the rapidly evolving cryptocurrency landscape. For continuous updates and expert analysis on the latest developments in bitcoin mining and related sectors, be sure to follow BIT Journal. 
 For continuous updates and expert analysis on IREN Bitcoin mining revenue and industry trends, stay tuned to <a href="https://thebitjournal.com/">The BIT Journal.</a> 
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IREN Bitcoin Mining Revenue Hits Record $184.1M as Capacity Nearly Doubles

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The Bit Journal

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