Bitcoin (BTC) miner Iris Energy’s IREN stock surged nearly 20% after news of its planned 9.1 exahash/second (EH/s) expansion.
data Minor stocks rose from $3.53 to $4.09 in the first half of trading on June 20, according to Nasdaq data.
Expansion plan
According to a July 20 press release, Iris plans to expand its capacity by 63% to 9.1 EH/s by early 2024, revitalizing its high-performance computing (HPC) data center strategy.
Iris announced that it has begun construction on the first phase of its Childress facility in Texas. This will add 80 MW to the data center, increasing capacity to 9.1 EH/s1 by early 2024.
Additionally, the mining company said it continued to purchase long-lead items to support the construction of a 100 megawatt (MW) facility for Childless Phase 2, boosting its data center capacity to 13.6 EH/s. The miners did not disclose the duration of this construction.
“While our near-term focus remains on data center construction, we will remain flexible in terms of funding and the timing of minor purchases, which are subject to market conditions.”
The miner is well-capitalized with $64 million in cash and operating cash flow from its existing 5.6 EH/s, adding that it has no debt.
high performance computing
Iris further revealed that previous HPC data center strategies are now a parallel focus. The company signed a strategic memorandum of understanding with Dell Technologies in March 2020 to explore and develop energy-efficient data center solutions for compute-intensive applications.
Iris said recent developments in the space and discussions with market participants have validated efforts to date, adding: “Maybe the time is right for us to move into this space.” .
The miner added that this could include leveraging a diverse portfolio of four operational sites and additional global locations currently under development.
Bitcoin miner Iris Energy stock surged 20% on expansion announcement, first published on CryptoSlate.
