{"id":689126,"date":"2022-09-27T08:04:03","date_gmt":"2022-09-27T12:04:03","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/"},"modified":"2022-09-27T08:04:03","modified_gmt":"2022-09-27T12:04:03","slug":"iris-energy-increases-operating-capacity-to-3-7-eh-s","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/","title":{"rendered":"Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <strong>Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s<\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong>Prince George (50MW) Fully Commissioned on Schedule<\/strong><br \/>\n        \n      <\/p>\n<p align=\"center\">\n        <strong>Additional Near Term Expansion to 4.7 EH\/s<\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong>Deployment pathway to 6.0 EH\/s<\/strong><br \/>\n        \n      <\/p>\n<p>SYDNEY, Australia, Sept.  27, 2022  (GLOBE NEWSWIRE) &#8212; <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=3RUtJmslhz2g73uZCVzfplNU7ReHdUzPvxdxHa4f92rN1KcRa8Q_8op7tkXDgc7tHWf8b8oreD2KzBarvDceKA==\" rel=\"nofollow noopener\" target=\"_blank\">Iris Energy Limited<\/a> (NASDAQ: <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=7bvOwi_i0u8glbEmPvbfld1iMZnvRgn7PP5GSbA7X1DZPkQQX4R4xZArQDZv-rDjZ7z08gbGV-h6Bmwpu5LhBf3JIenu0k2d7qb3qs_boMHoaTSHq2MQPNTdUuX58TDT4vPInca3sG1REtLlxEpmG9a565eu1Rw5y8_XjB0lqYk=\" rel=\"nofollow noopener\" target=\"_blank\">IREN<\/a>) (\u201cIris Energy\u201d or \u201cthe Company\u201d), a leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy, today announced it has increased its operating capacity to exceed 3.7 EH\/s.<\/p>\n<p>The full energization of 1.4 EH\/s (50MW) at Prince George, BC (Canada) was on schedule and marks delivery of the Company\u2019s third operating site, increasing the Company\u2019s operating capacity by &gt;60% to 3.7 EH\/s.<\/p>\n<p>This follows the recent full energization of 1.5 EH\/s (50MW) at the Company\u2019s second operating site in Mackenzie, BC (Canada) less than two months ago. Phase three expansion of a further 1.0 EH\/s (30MW) at Mackenzie also remains on track to be energized by the end of Q4 2022, increasing the Company\u2019s expected near-term operating capacity to 4.7 EH\/s.<\/p>\n<p>As previously announced, an initial 1.3 EH\/s (40MW) development is currently planned at Childress, Texas (USA), to reach total expected Company operating capacity of 6.0 EH\/s in 2023.<\/p>\n<p>Iris Energy\u2019s Co-Founder &amp; Co-CEO, Daniel Roberts, said:<\/p>\n<p>\u201cThe successful energization of Prince George is another major milestone for Iris Energy. We are particularly pleased to continue our track record of delivering major projects either on or ahead of schedule, and look forward to further expansion of our operating capacity in the months ahead. We would like to congratulate and thank the Prince George construction team for their fantastic work on a job well done and also welcome a number of new local hires to the permanent operations team.\u201d<\/p>\n<p>\n        <strong>About Iris Energy<\/strong>\n      <\/p>\n<p align=\"justify\">Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:2pt;text-align:justify\">\n          <u>100% renewables<\/u>: Iris Energy targets markets with low-cost, under-utilized renewable energy, and where the Company can support local communities\u00a0<\/li>\n<li style=\"margin-top:2pt;text-align:justify\">\n          <u>Long-term security over infrastructure, land and power supply<\/u>: Iris Energy builds, owns and operates its electrical infrastructure and proprietary data centers, providing long-term security and operational control over its assets<\/li>\n<li style=\"margin-top:2pt;margin-bottom:8pt;text-align:justify\">\n          <u>Seasoned management team<\/u>: Iris Energy\u2019s team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers with cumulative experience in delivering &gt;$25bn in energy and infrastructure projects globally<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Forward-Looking<\/strong><br \/>\n        <strong>Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release includes \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Iris Energy\u2019s future financial or operating performance. For example, forward-looking statements include but are not limited to the expected increase in the Company\u2019s power capacity and operating capacity, the Company\u2019s business plan, the Company\u2019s capital raising plans, the Company\u2019s anticipated capital expenditures and additional borrowings, the impact of discussions with Bitmain regarding the Company\u2019s hardware purchase contract for additional miners, and the expected schedule for hardware deliveries and for commencing and\/or expanding operations at the Company\u2019s sites. In some cases, you can identify forward-looking statements by terminology such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cmay,\u201d \u201ccan,\u201d \u201cshould,\u201d \u201ccould,\u201d \u201cmight,\u201d \u201cplan,\u201d \u201cpossible,\u201d \u201cproject,\u201d \u201cstrive,\u201d \u201cbudget,\u201d \u201cforecast,\u201d \u201cexpect,\u201d \u201cintend,\u201d \u201ctarget\u201d, \u201cwill,\u201d \u201cestimate,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201cscheduled\u201d or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.<\/p>\n<p align=\"justify\">These forward-looking statements are based on management\u2019s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Iris Energy\u2019s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Iris Energy\u2019s limited operating history with operating losses; electricity outage, limitation of electricity supply or increase in electricity costs; long term outage or limitation of the internet connection at Iris Energy\u2019s sites; any critical failure of key electrical or data center equipment; serial defects or underperformance with respect to Iris Energy\u2019s equipment; failure of suppliers to perform under the relevant supply contracts for equipment that has already been procured which may delay Iris Energy\u2019s expansion plans; supply chain and logistics issues for Iris Energy or Iris Energy\u2019s suppliers; cancellation or withdrawal of required operating and other permits and licenses; customary risks in developing greenfield infrastructure projects; Iris Energy\u2019s evolving business model and strategy; Iris Energy\u2019s ability to successfully manage its growth; Iris Energy\u2019s ability to raise additional financing (whether because of the conditions of the markets, Iris Energy\u2019s financial condition or otherwise) on a timely basis, or at all, which could adversely impact the Company\u2019s ability to meet its capital commitments (including payments due under its hardware purchase contracts with Bitmain) and the Company\u2019s growth plans; Iris Energy\u2019s failure to make certain payments due under any one of its hardware purchase contracts with Bitmain on a timely basis could result in liquidated damages, claims for specific performance or other claims against Iris Energy, any of which could result in a loss of all or a portion of any prepayments or deposits made under the relevant contract or other liabilities in respect of the relevant contract, and could also result in Iris Energy not receiving certain discounts under the relevant contract or receiving the relevant hardware at all, any of which could adversely impact its business, operating expansion plans, financial condition, cash flows and results of operations; the terms of any additional financing, which could be less favorable or require Iris Energy to comply with more onerous covenants or restrictions, any of which could restrict its business operations and adversely impact its financial condition, cash flows and results of operations; competition; Bitcoin prices, which could adversely impact its financial condition, cash flows and results of operations, as well as its ability to raise additional financing; risks related to health pandemics including those of COVID-19; changes in regulation of digital assets; and other important factors discussed under the caption \u201cRisk Factors\u201d in Iris Energy\u2019s annual report on Form 20-F filed with the SEC on September 13, 2022, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8sMNGgBBXFSKxwNVwZqSQ0IQwtOMkKal_L_7wdjEt9O0vW3x-aRTYDf2-naGQJhRAq4XTaRKI6qKVm5EAMqQ1g==\" rel=\"nofollow noopener\" target=\"_blank\">www.sec.gov<\/a> and the Investor Relations section of Iris Energy\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=RSv_6iDyNcJE2RTbue6nTT_-V0UrGVQlzjFY-OjbO3eB5Zu9e2ESDZuX-6CtqgiWxpVql8jChiCTb-w3PIuyzcgsMdrzxYXEDiQTnBoQeQKukB-PhLjeWUWiiSKZPfGd\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/investors.irisenergy.co<\/a>.<\/p>\n<p align=\"justify\">These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Iris Energy makes in this press release speaks only as of the date of such statement. Except as required by law, Iris Energy disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.<\/p>\n<p>\n        <strong>Contacts<\/strong><br \/>\n        \n      <\/p>\n<p>\n        <strong>Media<\/strong><br \/>\n        <br \/>Jon Snowball<br \/>Domestique<br \/>+61 477 946 068<\/p>\n<p>\n        <strong>Investors<\/strong><br \/>\n        <br \/>Bom Shin<br \/>Iris Energy<br \/>+61 411 376 332<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=6aVSh6eQxlA1waxvoBr7bhGLfwQ1VqGQvb4-K0D8zpK7IFTeKiYUnkvrEufSClSHxXK3CkRD2xvLXUA9OGFbfslCXWX4nd5hPE9LDZ6y-ps=\" rel=\"nofollow noopener\" target=\"_blank\">bom.shin@irisenergy.co<\/a>\u00a0<\/p>\n<p>To keep updated on Iris Energy\u2019s news releases and SEC filings, please subscribe to email alerts at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=RSv_6iDyNcJE2RTbue6nTT_-V0UrGVQlzjFY-OjbO3dt5we4ebiJa2PgtlKLDXJj53dlRE4p7xt0QrLfHX-LwtvryEUIsOoE5aqeTcCGJr1est3kMAoSHnN1SuvbRwPk2I0LGNNwgzrS4B1Wl00aSRV18j_HpLyUeqMyXqUFtxXzCK_ZWAj-dB5gZA8UgcJY\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/investors.irisenergy.co\/ir-resources\/email-alerts<\/a>.<\/p>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1NDA1OSM1MTczNzQ2IzIyMjMyNzQ=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/ZmNjZmQ0NGMtZWY3My00ZGZmLTg2MzQtOWE3ZWFkZTY4OTQ3LTEyMzQ4Mjc=\/tiny\/IRIS-ENERGY-LIMITED.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s Prince George (50MW) Fully Commissioned on Schedule Additional Near Term Expansion to 4.7 EH\/s Deployment pathway to 6.0 EH\/s SYDNEY, Australia, Sept. 27, 2022 (GLOBE NEWSWIRE) &#8212; Iris Energy Limited (NASDAQ: IREN) (\u201cIris Energy\u201d or \u201cthe Company\u201d), a leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy, today announced it has increased its operating capacity to exceed 3.7 EH\/s. The full energization of 1.4 EH\/s (50MW) at Prince George, BC (Canada) was on schedule and marks delivery of the Company\u2019s third operating site, increasing the Company\u2019s operating capacity by &gt;60% to 3.7 EH\/s. This follows the recent full energization of 1.5 EH\/s (50MW) &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-689126","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s Prince George (50MW) Fully Commissioned on Schedule Additional Near Term Expansion to 4.7 EH\/s Deployment pathway to 6.0 EH\/s SYDNEY, Australia, Sept. 27, 2022 (GLOBE NEWSWIRE) &#8212; Iris Energy Limited (NASDAQ: IREN) (\u201cIris Energy\u201d or \u201cthe Company\u201d), a leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy, today announced it has increased its operating capacity to exceed 3.7 EH\/s. The full energization of 1.4 EH\/s (50MW) at Prince George, BC (Canada) was on schedule and marks delivery of the Company\u2019s third operating site, increasing the Company\u2019s operating capacity by &gt;60% to 3.7 EH\/s. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/","og_locale":"en_US","og_type":"article","og_title":"Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s - Market Newsdesk","og_description":"Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s Prince George (50MW) Fully Commissioned on Schedule Additional Near Term Expansion to 4.7 EH\/s Deployment pathway to 6.0 EH\/s SYDNEY, Australia, Sept. 27, 2022 (GLOBE NEWSWIRE) &#8212; Iris Energy Limited (NASDAQ: IREN) (\u201cIris Energy\u201d or \u201cthe Company\u201d), a leading owner and operator of institutional-grade, highly efficient proprietary Bitcoin mining data centers powered by 100% renewable energy, today announced it has increased its operating capacity to exceed 3.7 EH\/s. The full energization of 1.4 EH\/s (50MW) at Prince George, BC (Canada) was on schedule and marks delivery of the Company\u2019s third operating site, increasing the Company\u2019s operating capacity by &gt;60% to 3.7 EH\/s. This follows the recent full energization of 1.5 EH\/s (50MW) &hellip; Continue reading \"Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/","og_site_name":"Market Newsdesk","article_published_time":"2022-09-27T12:04:03+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1NDA1OSM1MTczNzQ2IzIyMjMyNzQ=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s","datePublished":"2022-09-27T12:04:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/"},"wordCount":1266,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODY1NDA1OSM1MTczNzQ2IzIyMjMyNzQ=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/iris-energy-increases-operating-capacity-to-3-7-eh-s\/","name":"Iris Energy Increases Operating Capacity to &gt;3.7 EH\/s - 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