Iris Energy's Green Bitcoin Mining to Expand with New Hardware and AI Computing Plans
Summary:
Iris Energy, a renewable Bitcoin mining firm, plans to increase its total hash rate to 10 exahash per second by 2024 through new Bitmain T21 mining rigs acquisitions. The company also aims to build an additional 100MW data center to cater to the increasing demand for AI computing. Iris operates across North America and uses renewable energy sources like wind, solar, and hydroelectric power for its operations.
Bitcoin miner Iris Energy, which uses renewable energy, plans to raise its total hash rate to 10 exahash per second (EH/s) by 2024, by procuring new Bitmain T21 mining rigs. Iris confirmed a further acquisition of 1.6EH/s of Bitmain T21 miners, which are expected to be delivered in Q2 2024. As of December 2023, the company operates at a capacity of 5.6 EH/s. The newly added Bitmain’s advanced mining equipment from China will augment Iris' operations efficiency from 29.5 joules per terahash (J/TH) to 24.8 J/TH. Iris invested $22.3 million in Bitmain's recent order, valuing the hardware at $14 per terahash.
By the first quarter of 2024, Iris anticipates adding 1.4EH/s to its mining operations through previously ordered Bitmain S21 miners, while another set of Bitmain T21 miners will bring an additional 1.3 EH/s. Back in June 2023, Iris announced plans to expand its Childress data center operation in Texas by 80MW. Additional operational capacities are expected from January 2024, facilitating its aim to increase the operating hash rate to 10EH/s as it obtains new equipment from Bitmain.
Iris also intends to construct an additional 100MW data centers at the same location, feasible due to the existing 500MW power supply. Simultaneously, Iris is broadening its reach beyond Bitcoin mining by catering to the growing need for generative AI computing through its expanded data center. In August 2023, the company invested $10 million to purchase 248 top-end Nvidia H100 GPUs expected to be delivered by the end of the year.
Iris runs data center facilities spread across North America, including Canal Flats, Mackenzie, Prince George in Canada’s British Columbia, and Childress in Texas. These four operating centers are entirely powered by renewable energy, specifically using wind, solar, and hydroelectric energy sources. The company's website mentions that its three Canadian sites derive 98% of their power from renewables, with the remaining energy use compensated by buying renewable energy certificates.
Published At
12/15/2023 4:32:06 PM
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