Iris Energy (IREN) Issues 10 EH/s Expansion Update

Iris Energy Limited (NASDAQ: IREN) (together with its subsidiaries, “Iris Energy” or “the Company”), a leading owner and operator of institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy today provided an update on its near-term expansion to 10 EH/s, as part of a pathway to 20 EH/s.

10 EH/s expansion – H1 2024

The Company is pleased to advise that it has commenced installation of miners for its expansion to 10 EH/s, with operating hashrate increased to 6 EH/s.

The remaining 4 EH/s is expected to be commissioned in H1 2024.

20 EH/s pathway – H2 2024

As previously announced, the Company has also secured a pathway to 20 EH/s in 2024, following a purchase and fixed price option agreement for an additional 10 EH/s of Bitmain T21 miners1.

About Iris Energy

Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.

• 100% renewables: Iris Energy targets sites with low-cost, under-utilized renewable energy, and supports local communities
• Long-term security over infrastructure, land and power supply: Iris Energy builds, owns and operates its electrical infrastructure and proprietary data centers, providing long-term security and operational control over its assets
• Seasoned management team: Iris Energy’s team has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers with cumulative experience in delivering >$25bn in energy and infrastructure projects globally

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