IREN: Bitcoin Mining Revenue Soars To Reach IDR 2.8 Trillion

IREN; Bitcoin mining revenue soared to IDR 2.8 trillion (Photo; Doc. Pc-tablet)

JAKARTA - IREN, formerly known as Iris Energy, has again recorded a brilliant performance in Bitcoin mining throughout the 2024 fiscal year. The company managed to achieve revenue of 184.1 million US Dollars (approximately IDR 2.8 trillion) from Bitcoin mining, which means a drastic increase of 144% compared to 75.5 million US Dollars (approximately IDR 1.1 trillion) obtained in the previous year.

This increase was mainly driven by a surge in hash rates and higher Bitcoin prices. IREN also managed to double its mining capacity, from 5.6 EH/s to 10 EH/s, allowing the company to mine 4,191 BTC, up from 3,259 BTC in the previous fiscal year. As of August 28, 2024, IREN's total installed capacity reached 15 EH/s.

IREN does not stop there. The company has ambitious expansion plans to reach a hash rate of 20 EH/s by September 2024 and 30 EH/s by the end of the year. This rapid growth is supported by the acquisition of 10.5 EH/s from Bitmain S21 XP, which is expected to arrive in November 2024.

Quoted from Coinspeaker, Daniel Roberts, co-founder and co-CEO IREN, expressed optimism for the results of the 2024 fiscal year, highlighting the sustainable growth in the company's revenue, profit and cash flow. Our guidelines for 2024 remain unchanged. With the 15 EH/s already installed, we are on track to achieve the target of 20 EH/s next month and 30 EH/s this year," he said.

In addition to focusing on Bitcoin mining, IREN is also diversifying its revenue sources by reporting revenues of 3.1 million US Dollars (approximately IDR 47 billion) from its AI cloud service, demonstrating its commitment to expanding data center infrastructure and exploring new opportunities.

IREN's financial results show the effectiveness of the growth strategy being promoted. The company's adjusted EBITDA jumped from 1.4 million US Dollars (approximately IDR 21 billion) in 2023 to 54.7 million US Dollars (approximately IDR 846 billion) in 2024.

The increase was accompanied by an increase in electricity costs, which reached 76 million US Dollars (approximately Rp1.1 trillion), up from 35.8 million US Dollars (approximately Rp553 billion) in the previous year. Total spending also increased from 38.4 million US Dollars (approximately Rp594 billion) to 56.5 million US Dollars (approximately Rp874 billion), reflecting investment in renewable energy credit, expansion of the head office, and site costs.

Despite the increase in spending, IREN's financial health improved. The company managed to reduce its net loss from 171.9 million US Dollars (approximately IDR 2.6 trillion) in 2023 to 29 million US Dollars (approximately IDR 448 billion) in 2024. In addition, IREN reported a strong cash position of 404.6 million US Dollars (approximately IDR 6.2 trillion) as of June 30, 2024, without debt.