TechFlow news — Bitcoin mining company IREN (formerly Iris Energy) released its financial report on Wednesday for the period ending June 30, 2024, showing record-high revenue from Bitcoin mining.
IREN generated $184.1 million in Bitcoin mining revenue during the 2024 fiscal year, a 144% year-over-year increase, driven primarily by expanded computing power and rising Bitcoin prices.
The company’s self-owned mining hash rate increased from 5.6 EH/s to 10 EH/s, resulting in a record production of 4,191 Bitcoins. As of June 30, 2024, IREN held $404.6 million in cash and cash equivalents with zero debt.
As of August 28, Beijing time, IREN’s total hash rate has reached 15 EH/s. The company expects to reach 20 EH/s next month and achieve 30 EH/s by the end of 2024.
IREN reported $3.1 million in AI cloud service revenue for the first time. Adjusted EBITDA for the 2024 fiscal year was $54.7 million, a significant year-on-year improvement. Despite an increase in power costs to $76 million, the company’s net loss narrowed to $29 million.
