IREN Sees 145% Revenue Surge As Bitcoin Mining Expands

IREN (NASDAQ: IREN) has joined the ranks of publicly traded Bitcoin (BTC) miners on Wall Street. Over the past year, it saw a significant rise in revenue, thanks to the increase in cryptocurrency prices. For the fiscal year ending June 30, 2024, the company’s revenue jumped by 145%, and the number of BTC mined grew by 30%.

The firm announced a record Bitcoin mining revenue of $184.1 million, up from $75.5 million in the previous year. This big increase was due to higher Bitcoin prices and a boost in operating hashrate. IREN mined 4,191 Bitcoin this year, compared to 3,259 in the 2023 fiscal year.

IREN Aims To Increase Its Bitcoin Mining Capacity To 30 EH/s By The End of 2024

Adjusted EBITDA showed a strong boost, climbing to $54.7 million from just $1.4 million the previous year. The firm’s EBITDA became positive at $19.6 million, a big change from the $123.2 million loss in fiscal year 2023. This helped lower the net loss from nearly $172 million last year to $29 million.

Daniel Roberts, Co-Founder and Co-Chief Executive Officer of IREN, stated that he was happy to announce their full-year FY24 results, which showed ongoing growth in revenue, earnings, and cash flow. He added that IREN’s 2024 forecast was still the same and that with 15 EH/s already in place, the firm was on track to reach its 20 EH/s goal next month and 30 EH/s by the end of the year.

According to Roberts, Argo Blockchain is another company that recently reported revenue growth, increasing by 18% in the first half of 2024, even though it mined 50% fewer cryptocurrencies. Like several other companies in the industry, IREN also showed progress in its AI Cloud Services, earning $3.1 million from various customers in both reserved and on-demand markets.

IREN Seeks To Grow Its Data Center Capacity To 510MW By The End Of 2024

The firm’s expansion plans are going as planned, with data center capacity set to hit 510MW by the end of 2024. IREN has also obtained 2,310MW of grid-connected power over the past year, setting the stage for future growth.

Looking forward, IREN plans to boost its Bitcoin mining capacity to 30 EH/s by the end of 2024, with 15 EH/s already in place. The company has also lined up a way to reach 50 EH/s by using current purchase options for Bitmain S21 Pro miners.

While positive results are encouraging, Wall Street’s Bitcoin mining giants are still struggling with the effects of the halving.

According to the latest report from JPMorgan, the mining revenues dropped by another 12% in July, continuing the downturn that followed April’s halving. This halving cut block rewards, combined with low network fees and rising production costs, have made it challenging for miners to stay profitable.