Bitcoin

Bitcoin mining company IREN has reported a remarkable financial turnaround for the fiscal year ending June 30, 2024. The company's revenue surged by 145%, reaching a record $184.1 million, compared to $75.5 million in the previous fiscal year.
This growth was driven by an increase of 30% in the amount of Bitcoin mined, totaling 4,191 BTC. The company's adjusted EBITDA also saw significant improvement, rising to $54.7 million, a stark contrast to the $1.4 million reported in the previous year. Despite these positive developments, IREN still reported a net loss of $29 million, though this represents a substantial improvement from the $172 million loss incurred the previous year. The company's performance highlights the ongoing volatility in the Bitcoin <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a>, which is heavily influenced by fluctuating Bitcoin prices and operational costs.
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Bitcoin Mining Firm IREN Reports 145% Revenue Surge in FY24

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