0001140361-22-033208 | 20-F | XBRL Viewer

Document and Entity Information	12 Months Ended
Jun. 30, 2022 shares
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-41072
Entity Registrant Name	Iris Energy Ltd
Entity Central Index Key	0001878848
Entity Incorporation, State or Country Code	C3
Entity Address, Address Line One	Level 12
Entity Address, Address Line Two	44 Market Street
Entity Address, City or Town	Sydney, NSW
Entity Address, Postal Zip Code	2000
Entity Address, Country	AU
Title of 12(b) Security	Ordinary shares, no par value
Trading Symbol	IREN
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	2
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Firm ID	32
Auditor Name	ArmaninoLLP
Auditor Location	Dallas, Texas
Business Contact [Member]
Entity Addresses [Line Items]
Contact Personnel Name	Joanna Brand
Entity Address, Address Line One	Level 12
Entity Address, Address Line Two	44 Market Street
Entity Address, City or Town	Sydney, NSW
Entity Address, Postal Zip Code	2000
Entity Address, Country	AU
Country Region	61
City Area Code	2
Local Phone Number	7906 8301

Label

Element

Value

Prior year current tax over/ (under) provisions

iren_PriorYearCurrentTaxOverUnderProvisions

$ (523,000)

Prior year current tax over/ (under) provisions

iren_PriorYearCurrentTaxOverUnderProvisions

Prior year current tax over/ (under) provisions

iren_PriorYearCurrentTaxOverUnderProvisions

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

798,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

31,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

82,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

Deferred tax asset gross

iren_DeferredTaxAssetGross

911,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

3,854,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

113,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

15,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

725,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

4,627,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

1,222,000

Deferred tax asset gross

iren_DeferredTaxAssetGross

$ 10,556,000

Disclosure of quantitative information about right-of-use assets reconciliations of written down values [Table Text Block]

iren_DisclosureOfQuantitativeInformationAboutRightOfUseAssetsReconciliationsOfWrittenDownValuesTableTextBlock

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Prepaid hosting fees			Land and buildings			Total
Consolidated	US$’000			US$’000			US$’000

Balance as at 1 July 2020		397			-			397
Additions		-			1,038			1,038
Exchange differences		-			12			12
Depreciation (note 6)		(36	)		(7	)		(43	)

Balance as at 30 June 2021		361			1,043			1,404
Additions		-			298			298
Disposals		(185	)		-			(185	)
Exchange differences		-			(38	)		(38	)
Impairment of assets		(167	)		-			(167	)
Depreciation (note 6)		(9	)		(50	)		(59	)

Balance as at 30 June 2022		-			1,253			1,253

Lease term

iren_LeaseTerm

30 years

Lease term

iren_LeaseTerm

3 years

Lease term

iren_LeaseTerm

30 years

Lease term

iren_LeaseTerm

3 years

Disclosure of detailed information about trade and other payables current explanatory [Table Text Block]

iren_DisclosureOfDetailedInformationAboutTradeAndOtherPayablesCurrentExplanatoryTableTextBlock

	Consolidated
	30 June 2022		30 June 2021 (restated*)
	US$'000		US$'000

Current liabilities
Trade payables		13,230		545
Other payables		197		99
Advance payment in relation to share-based payments		-		183
Accrued expenses		5,386		291

		18,813		1,118

Related party transactions

iren_RelatedPartyTransactions

$ 0

Related party transactions

iren_RelatedPartyTransactions

Base rate entity turnover

iren_BaseRateEntityTurnover

$ 34,474,000

Base rate entity turnover

iren_BaseRateEntityTurnover

$ 50,000,000

Operating capacity hash rate

iren_OperatingCapacityHashRate

4.3

Operating capacity hash rate

iren_OperatingCapacityHashRate

6.0

Operating capacity hash rate

iren_OperatingCapacityHashRate

4.3

Operating capacity hash rate

iren_OperatingCapacityHashRate

Operating capacity hash rate

iren_OperatingCapacityHashRate

6.0

Operating capacity hash rate

iren_OperatingCapacityHashRate

4.3

Operating capacity hash rate

iren_OperatingCapacityHashRate

Operating capacity hash rate

iren_OperatingCapacityHashRate

6.0

Operating capacity hash rate

iren_OperatingCapacityHashRate

6.0

Number of restricted share-based payments, prepaid in advance

iren_NumberOfRestrictedShareBasedPaymentsPrepaidInAdvance

95,925

Number of restricted share-based payments, prepaid in advance

iren_NumberOfRestrictedShareBasedPaymentsPrepaidInAdvance

Number of restricted share-based payments, prepaid in advance

iren_NumberOfRestrictedShareBasedPaymentsPrepaidInAdvance

95,925

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

$ 0.39

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

0.83

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

4.46

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

31.05

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

26.50

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

2.71

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

0.81

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

23.87

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

30.80

Weighted average fair value, share options granted

iren_WeightedAverageFairValueShareOptionsGranted

$ 26.50

Weighted average contractual interest rate

iren_WeightedAverageContractualInterestRate

0.00%

Weighted average contractual interest rate

iren_WeightedAverageContractualInterestRate

11.35%

Weighted average contractual interest rate

iren_WeightedAverageContractualInterestRate

0.00%

Weighted average contractual interest rate

iren_WeightedAverageContractualInterestRate

0.00%

Weighted average contractual interest rate

iren_WeightedAverageContractualInterestRate

12.00%

Weighted average contractual interest rate

iren_WeightedAverageContractualInterestRate

12.00%

Weighted average contractual interest rate

iren_WeightedAverageContractualInterestRate

12.00%

Weighted average contractual interest rate

iren_WeightedAverageContractualInterestRate

0.00%

Fair value of embedded derivatives at issuance date

iren_FairValueOfEmbeddedDerivativesAtIssuanceDate

$ 52,029,000

Fair value of embedded derivatives at issuance date

iren_FairValueOfEmbeddedDerivativesAtIssuanceDate

52,029,000

Fair value of embedded derivatives at issuance date

iren_FairValueOfEmbeddedDerivativesAtIssuanceDate

65,311,000

Fair value of embedded derivatives at issuance date

iren_FairValueOfEmbeddedDerivativesAtIssuanceDate

65,311,000

Current year temporary differences not recognized

iren_CurrentYearTemporaryDifferencesNotRecognized

Current year temporary differences not recognized

iren_CurrentYearTemporaryDifferencesNotRecognized

2,000

Current year temporary differences not recognized

iren_CurrentYearTemporaryDifferencesNotRecognized

$ 103,000

Disclosure of information about property plant and equipment, useful life [Table Text Block]

iren_DisclosureOfInformationAboutPropertyPlantAndEquipmentUsefulLifeTableTextBlock

Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant and equipment (excluding land) over their expected useful lives as follows:

Buildings	20 years
Plant and equipment	3-7 years
Mining hardware	4 years

Fair value, measurement with unobservable inputs reconciliation, liability value

iren_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityValue

$ 0

Fair value, measurement with unobservable inputs reconciliation, liability value

iren_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityValue

Fair value, measurement with unobservable inputs reconciliation, liability value

iren_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityValue

(96,721,000)

Fair value, measurement with unobservable inputs reconciliation, liability value

iren_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityValue

(96,721,000)

Fair value, measurement with unobservable inputs reconciliation, liability value

iren_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityValue

Fair value, measurement with unobservable inputs reconciliation, liability value

iren_FairValueMeasurementWithUnobservableInputsReconciliationLiabilityValue

$ 0

Number of share options expected to vest in share-based payment arrangement

iren_NumberOfShareOptionsExpectedToVestInShareBasedPaymentArrangement

600,000

Number of share options expected to vest in share-based payment arrangement

iren_NumberOfShareOptionsExpectedToVestInShareBasedPaymentArrangement

600,000

Number of share options expected to vest in share-based payment arrangement

iren_NumberOfShareOptionsExpectedToVestInShareBasedPaymentArrangement

600,000

Number of share options expected to vest in share-based payment arrangement

iren_NumberOfShareOptionsExpectedToVestInShareBasedPaymentArrangement

600,000

Remaining mining hardware prepayments

iren_RemainingMiningHardwarePrepayments

$ 82,051,000

Remaining mining hardware prepayments

iren_RemainingMiningHardwarePrepayments

83,340,000

Remaining mining hardware prepayments

iren_RemainingMiningHardwarePrepayments

83,340,000

Non-current borrowings before capitalized borrowing costs

iren_NonCurrentBorrowingsBeforeCapitalizedBorrowingCosts

47,421,000

Non-current borrowings before capitalized borrowing costs

iren_NonCurrentBorrowingsBeforeCapitalizedBorrowingCosts

12,189,000

Current year tax losses not recognized

iren_CurrentYearTaxLossesNotRecognized

534,000

Current year tax losses not recognized

iren_CurrentYearTaxLossesNotRecognized

704,000

Current year tax losses not recognized

iren_CurrentYearTaxLossesNotRecognized

$ 416,000

Number of trading days

iren_NumberOfTradingDays

20 days

Number of trading days

iren_NumberOfTradingDays

20 days

Number of trading days

iren_NumberOfTradingDays

20 days

Number of trading days

iren_NumberOfTradingDays

20 days

Number of trading days

iren_NumberOfTradingDays

20 days

Number of trading days

iren_NumberOfTradingDays

20 days

Number of trading days

iren_NumberOfTradingDays

20 days

Current borrowings before capitalized borrowing costs

iren_CurrentBorrowingsBeforeCapitalizedBorrowingCosts

$ 61,988,000

Current borrowings before capitalized borrowing costs

iren_CurrentBorrowingsBeforeCapitalizedBorrowingCosts

$ 7,163,000

Disclosure of effective income tax rate reconciliation [Table Text Block]

iren_DisclosureOfEffectiveIncomeTaxRateReconciliationTableTextBlock

	Consolidated
	Year ended 30 June 2022			Year ended 30 June 2021 (restated*)			Year ended 30 June 2020 (restated*)
	US$’000			US$’000			US$’000

Numerical reconciliation of income tax expense and tax at the statutory rate
Loss before income tax expense		(417,046	)		(59,151	)		(2,142	)

Tax at the statutory tax rate of 30% (2021: 26%, 2020: 27.5%)		(125,114	)		(15,379	)		(589	)

Tax effect amounts which are not deductible/(taxable) in calculating taxable income:
Non-deductible/non-allowable items		128,643			16,061			58

		3,529			682			(531	)
Current year tax losses not recognized		534			704			416
Recognition of previously unrecognized tax losses		(1,019	)		(240	)		-
Difference in overseas tax rates		203			(3	)		(4	)
Impact of future tax rate changes		-			94			16
Current year temporary differences not recognized		-			2			103
Prior year current tax under/(over) provision		(523	)		-			-

Income tax expense		2,724			1,239			-

Advance payment in relation to share-based payments classified as current

iren_AdvancePaymentInRelationToShareBasedPaymentsClassifiedAsCurrent

$ 0

Advance payment in relation to share-based payments classified as current

iren_AdvancePaymentInRelationToShareBasedPaymentsClassifiedAsCurrent

183,000

Deferred tax asset on losses for which no deferred tax asset recognized

iren_DeferredTaxAssetOnLossesForWhichNoDeferredTaxAssetRecognized

1,263,000

Deferred tax asset on losses for which no deferred tax asset recognized

iren_DeferredTaxAssetOnLossesForWhichNoDeferredTaxAssetRecognized

1,089,000

Deferred tax asset on losses for which no deferred tax asset recognized

iren_DeferredTaxAssetOnLossesForWhichNoDeferredTaxAssetRecognized

$ 372,000

Disclosure of movements in ordinary share capital [Table Text Block]

iren_DisclosureOfMovementsInOrdinaryShareCapitalTableTextBlock

Movements in ordinary share capital

Details	Date	Shares		US$’000

Balance	1 July 2020		19,828,593		10,338

Balance	1 July 2021		19,828,593		10,338
Conversion of hybrid financial instruments	16 November 2021		24,835,118		695,383
Ordinary shares issued (IPO)	17 November 2021		8,269,231		231,539
Share-based payments, prepaid in advance	31 December 2021		95,925		177
IPO capital raise costs, net of tax			-		(10,856	)

Balance	30 June 2022		53,028,867		926,581

Capitalized borrowing costs, non current

iren_CapitalizedBorrowingCostsNonCurrent

$ 803,000

Capitalized borrowing costs, non current

iren_CapitalizedBorrowingCostsNonCurrent

1,353,000

Capitalized borrowing costs, current

iren_CapitalizedBorrowingCostsCurrent

1,774,000

Capitalized borrowing costs, current

iren_CapitalizedBorrowingCostsCurrent

1,116,000

Capitalized borrowing costs, current

iren_CapitalizedBorrowingCostsCurrent

Capitalized borrowing costs, current

iren_CapitalizedBorrowingCostsCurrent

914,000

Increase (decrease) through IPO capital raise costs, net of tax

iren_IncreaseDecreaseThroughIPOCapitalRaiseCostsNetOfTax

(10,856,000)

Increase (decrease) through net exchange differences, Right-of-use Assets

iren_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets

Increase (decrease) through net exchange differences, Right-of-use Assets

iren_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets

12,000

Increase (decrease) through net exchange differences, Right-of-use Assets

iren_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets

12,000

Increase (decrease) through net exchange differences, Right-of-use Assets

iren_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets

Increase (decrease) through net exchange differences, Right-of-use Assets

iren_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets

(38,000)

Increase (decrease) through net exchange differences, Right-of-use Assets

iren_IncreaseDecreaseThroughNetExchangeDifferencesRightOfUseAssets

$ (38,000)

Disclosure of Key Management Personnel [Text Block]

iren_DisclosureOfKeyManagementPersonnelTextBlock

The following persons were Directors of Iris Energy Limited at any time during the year, up to the date of this report:

Individual	Position	Date of Commencement	Date ceased to be KMP
David Bartholomew	Non-Executive Director	24 September 2021	-
Christopher Guzowski	Non-Executive Director	19 December 2019	-
Michael Alfred	Non-Executive Director	21 October 2021	-
Daniel Roberts	Executive Director and Co-CEO	6 November 2018	-
William Roberts	Executive Director and Co-CEO	6 November 2018	-
Paul Gordon	Non-Executive Director	19 December 2019	24 October 2021

The following persons were considered to be KMP of Iris Energy Limited at any time during the year:

Individual	Position	Date of Commencement	Date ceased to be KMP
Lindsay Ward	President	18 October 2021	-
David Shaw	Chief Operating Officer	22 October 2021	-
Belinda Nucifora	Chief Financial Officer	16 May 2022	-
Jason Conroy	Chief Executive Officer	10 May 2021	23 September 2021

Disclosure of income tax expense (benefit) [Table Text Block]

iren_DisclosureOfIncomeTaxExpenseBenefitTableTextBlock

	Consolidated
	Year ended 30 June 2022		Year ended 30 June 2021 (restated*)		Year ended 30 June 2020 (restated*)
	US$’000		US$’000		US$’000

Income tax expense
Current tax		672		532		-
Deferred tax		2,052		707		-

Income tax expense		2,724		1,239		-

Increase (decrease) through IPO capital raise costs, net of tax, shares

iren_IncreaseDecreaseThroughIPOCapitalRaiseCostsNetOfTaxShares

Disclosure of detailed information about provisions [Table Text Block]

iren_DisclosureOfDetailedInformationAboutProvisionsTableTextBlock

	Consolidated
	30 June 2022		30 June 2021 (restated*)
	US$’000		US$’000

Current liabilities
Provision for non-refundable sales tax		2,469		-

Number of years ordinary shares are first listed on a recognized stock exchange

iren_NumberOfYearsOrdinarySharesAreFirstListedOnARecognizedStockExchange

12 years

Current provision for non-refundable sales tax

iren_CurrentProvisionForNonRefundableSalesTax

$ 2,469,000

Current provision for non-refundable sales tax

iren_CurrentProvisionForNonRefundableSalesTax

$ 0

Disclosure of measurement of fair value arrangements granted [Table Text Block]

iren_DisclosureOfMeasurementOfFairValueArrangementsGrantedTableTextBlock

The following table list the inputs used in measuring the fair value of arrangements granted during the years ended 30 June 2022, 30 June 2021 and 30 June 2020:

Grant date	Dividend yield		Expected volatility			Risk-free interest rate			Expected life (weighted average)		Grant date share price		Exercise price (weighted average)		Fair value (weighted average)		Number of options granted
	%		%			%			years		US$		US$		US$

Employee Share Plan
04 April 2020		-		46	%		0.15	%		2.28		1.53		1.53		0.39		1,492,317
31 July 2020		-		60	%		0.15	%		2.00		2.37		2.12		0.83		453,516
10 May 2021		-		90	%		0.15	%		2.71		7.68		7.64		4.46		240,428

Employee Option Plan
28 July 2021		-		90	%		0.15	%		7.00		34.73		8.76		31.05		89,541
20 October 2021		-		90	%		0.15	%		7.00		34.80		36.45		26.50		53,223
17 June 2022		-		122	%		0.85	%		7.00		3.74		36.45		2.71		7,750

Executive Director Options
20 January 2021		-		60	%		0.15	%		4.90		2.71		3.86		0.81		2,000,000

Long-term Target Options
14 September 2021		-		90	%		1.28	%		9.00		34.17		75.00		23.87		4,800,000

NED Option Plan
28 July 2021		-		90	%		0.15	%		6.58		34.73		8.76		30.80		161,707
21 October 2021		-		90	%		0.15	%		7.00		34.80		36.45		26.50		14,266

Percentage of goods and services tax on exported services

iren_PercentageOfGoodsAndServicesTaxOnExportedServices

0.00%

Embedded derivatives converted to equity

iren_EmbeddedDerivativesConvertedToEquity

$ (552,775,000)

Embedded derivatives converted to equity

iren_EmbeddedDerivativesConvertedToEquity

$ (552,775,000)

Number of restricted shares issued

iren_NumberOfRestrictedSharesIssued

1,954,049

Number of restricted shares issued

iren_NumberOfRestrictedSharesIssued

2,260,614

Issued share price

iren_IssuedSharePrice

$ 1.00

Issued share price

iren_IssuedSharePrice

$ 1.00

Percentage of goods and services tax required to remit

iren_PercentageOfGoodsAndServicesTaxRequiredToRemit

5.00%

Refund receivable from revenue agency

iren_RefundReceivableFromRevenueAgency

$ 8,766,000

Offering price per share

iren_OfferingPricePerShare

$ 28.00

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

$ 5.41

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

$ 7.00

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

$ 6.96

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

$ 9.00

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

$ 8.50

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

$ 11.00

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

$ 370

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

650

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

925

Weighted average market price in share-based payment arrangement

iren_WeightedAverageMarketPriceInShareBasedPaymentArrangement

$ 1,850

Number of shareholder votes

iren_NumberOfShareholderVotes

Number of tranches of convertible notes

iren_NumberOfTranchesOfConvertibleNotes

Compensation made to directors and other members of key management personnel [Table Text Block]

iren_CompensationMadeToDirectorsAndOtherMembersOfKeyManagementPersonnelTableTextBlock

The aggregate compensation made to Directors and other members of KMP of the Group is set out below:

	Consolidated
	Year ended 30 June 2022		Year ended 30 June 2021 (restated*)
	US$		US$

Short-term employee benefits		1,610,088		368,493
Post-employment benefits		81,550		32,328
Share-based payments		13,314,679		174,603

		15,006,317		575,424

The following table summarizes the movement in options outstanding issued to Directors and other members of KMP during the year ended 30 June 2022:

	Number of options			Weighted average exercise price		Number of options		Weighted average exercise price
	30 June 2022			30 June 2022		30 June 2021		30 June 2021 (restated*)

Outstanding as at 1 July		2,136,171		$	4.10		-		-
Granted during the year		5,014,834		$	72.46		2,136,171	$	4.10
Forfeited during the year		(177,489	)	$	7.90		-		-

Outstanding at the end of the financial year		6,973,516		$	53.16		2,136,171	$	4.10

Exercisable at the end of the financial year		2,035,278		$	3.95		-		-

Number of tranches

iren_NumberOfTranches

Number of tranches

iren_NumberOfTranches

Deferred tax liabilities relating to items (charged) or credited directly to equity

iren_DeferredTaxLiabilitiesRelatingToItemsChargedOrCreditedDirectlyToEquity

$ 0

Deferred tax liabilities relating to items (charged) or credited directly to equity

iren_DeferredTaxLiabilitiesRelatingToItemsChargedOrCreditedDirectlyToEquity

Deferred tax liabilities relating to items (charged) or credited directly to equity

iren_DeferredTaxLiabilitiesRelatingToItemsChargedOrCreditedDirectlyToEquity

Deferred tax liabilities relating to items (charged) or credited directly to equity

iren_DeferredTaxLiabilitiesRelatingToItemsChargedOrCreditedDirectlyToEquity

Deferred tax liabilities relating to items (charged) or credited directly to equity

iren_DeferredTaxLiabilitiesRelatingToItemsChargedOrCreditedDirectlyToEquity

Deferred tax liabilities relating to items (charged) or credited directly to equity

iren_DeferredTaxLiabilitiesRelatingToItemsChargedOrCreditedDirectlyToEquity

Deferred tax liabilities relating to items (charged) or credited directly to equity

iren_DeferredTaxLiabilitiesRelatingToItemsChargedOrCreditedDirectlyToEquity

Deferred tax liabilities relating to items (charged) or credited directly to equity

iren_DeferredTaxLiabilitiesRelatingToItemsChargedOrCreditedDirectlyToEquity

$ 0

Term of limited resource loan

iren_TermOfLimitedResourceLoan

9 years 11 months

Ordinary shares issued capital

iren_OrdinarySharesIssuedCapital

$ 231,539,000

Deferred tax liability deferred tax expense income recognized in profit or loss

iren_DeferredTaxLiabilityDeferredTaxExpenseIncomeRecognizedInProfitOrLoss

(798,000)

Deferred tax liability deferred tax expense income recognized in profit or loss

iren_DeferredTaxLiabilityDeferredTaxExpenseIncomeRecognizedInProfitOrLoss

(820,000)

Deferred tax liability deferred tax expense income recognized in profit or loss

iren_DeferredTaxLiabilityDeferredTaxExpenseIncomeRecognizedInProfitOrLoss

Deferred tax liability deferred tax expense income recognized in profit or loss

iren_DeferredTaxLiabilityDeferredTaxExpenseIncomeRecognizedInProfitOrLoss

(1,618,000)

Deferred tax liability deferred tax expense income recognized in profit or loss

iren_DeferredTaxLiabilityDeferredTaxExpenseIncomeRecognizedInProfitOrLoss

(3,894,000)

Deferred tax liability deferred tax expense income recognized in profit or loss

iren_DeferredTaxLiabilityDeferredTaxExpenseIncomeRecognizedInProfitOrLoss

(2,651,000)

Deferred tax liability deferred tax expense income recognized in profit or loss

iren_DeferredTaxLiabilityDeferredTaxExpenseIncomeRecognizedInProfitOrLoss

(347,000)

Deferred tax liability deferred tax expense income recognized in profit or loss

iren_DeferredTaxLiabilityDeferredTaxExpenseIncomeRecognizedInProfitOrLoss

(6,892,000)

Current provincial sales tax receivable

iren_CurrentProvincialSalesTaxReceivable

10,023,000

Current provincial sales tax receivable

iren_CurrentProvincialSalesTaxReceivable

Adjustments for increase (decrease) in provision for income tax

iren_AdjustmentsForIncreaseDecreaseInProvisionForIncomeTax

671,000

Adjustments for increase (decrease) in provision for income tax

iren_AdjustmentsForIncreaseDecreaseInProvisionForIncomeTax

533,000

Adjustments for increase (decrease) in provision for income tax

iren_AdjustmentsForIncreaseDecreaseInProvisionForIncomeTax

$ 0

Hash rate

iren_HashRate

1.98

Purchase price of binding hardware

iren_PurchasePriceOfBindingHardware

$ 400,000,000

Contractual term of borrowings

iren_ContractualTermOfBorrowings

25 months

Contractual term of borrowings

iren_ContractualTermOfBorrowings

12 months

Contractual term of borrowings

iren_ContractualTermOfBorrowings

12 months

Disclosure of reserves [Table Text Block]

iren_DisclosureOfReservesTableTextBlock

	Consolidated
	30 June 2022			30 June 2021 (restated*)
	US$’000			US$’000

Foreign currency translation reserve		(21,014	)		1,851
Share-based payments reserve		14,200			992

		(6,814	)		2,843

Adjustments for increase (decrease) in deferred tax liabilities

iren_AdjustmentsForIncreaseDecreaseInDeferredTaxLiabilities

$ 6,892,000

Adjustments for increase (decrease) in deferred tax liabilities

iren_AdjustmentsForIncreaseDecreaseInDeferredTaxLiabilities

1,618,000

Adjustments for increase (decrease) in deferred tax liabilities

iren_AdjustmentsForIncreaseDecreaseInDeferredTaxLiabilities

$ 0

Number of binding hardware purchase agreements made during period

iren_NumberOfBindingHardwarePurchaseAgreementsMadeDuringPeriod

Increase (decrease) through conversion of convertible instruments, equity, shares

iren_IncreaseDecreaseThroughConversionOfConvertibleInstrumentsEquityShares

24,835,118

Increase (decrease) through conversion of convertible instruments, equity, shares

iren_IncreaseDecreaseThroughConversionOfConvertibleInstrumentsEquityShares

24,835,118

Disclosure of detailed information about ownership interest in subsidiaries [Table Text Block]

iren_DisclosureOfDetailedInformationAboutOwnershipInterestInSubsidiariesTableTextBlock

The consolidated financial statements incorporate the assets, liabilities and results of the following subsidiaries in accordance with the accounting policy described in note 2:

		Ownership interest
Name	Principal place of business / Country of incorporation	30 June 2022 %			30 June 2021 %

Iris Energy Custodian Pty Ltd	Australia		100	%		100	%
SA 1 Holdings Ltd	Australia		100	%		100	%
SA 2 Holdings Ltd	Australia		100	%		100	%
Podtech Data Centers Inc.	Canada		100	%		100	%
IE CA 1 Holdings Ltd.	Canada		100	%		100	%
IE CA 2 Holdings Ltd.	Canada		100	%		100	%
IE CA 3 Holdings Ltd.	Canada		100	%		100	%
IE CA 4 Holdings Ltd.	Canada		100	%		100	%
IE CA 5 Holdings Ltd.	Canada		100	%		100	%
IE CA Development Holdings Ltd.	Canada		100	%		100	%
IE CA Development Holdings 2 Ltd.	Canada		100	%		100	%
IE CA Development Holdings 3 Ltd.	Canada		100	%		100	%
IE CA Development Holdings 4 Ltd.	Canada		100	%		100	%
IE CA Development Holdings 5 Ltd.	Canada		100	%		100	%
IE US 1, Inc.	United States of America		100	%		100	%
IE CA Development Holdings 7 Ltd.	Canada		100	%		-
Iris Energy Holdings Pty Ltd.	Australia		100	%		-
TAS 1 Holdings Ltd	Australia		100	%		-
IE US Development Holdings 1 Inc.	United States of America		100	%		-
IE US Holdings Inc.	United States of America		100	%		-
IE US Development Holdings 3 Inc.	United States of America		100	%		-
IE US Development Holdings 4 Inc.	United States of America		100	%		-
IE US Operations Inc.	United States of America		100	%		-
IE US Hardware 1 Inc.	United States of America		100	%		-
IE US Hardware 2 Inc.	United States of America		100	%		-
IE US Hardware 3 Inc.	United States of America		100	%		-
IE US Hardware 4 Inc.	United States of America		100	%		-

Number of Bitmain Pro miners

iren_NumberOfBitmainProMiners

19,800

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

$ 0

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

798,000

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

820,000

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

1,618,000

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

4,692,000

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

3,471,000

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

347,000

Deferred tax liabilities gross

iren_DeferredTaxLiabilitiesGross

8,510,000

Disposals, right-of-use-assets

iren_DisposalsRightOfUseAssets

(185,000)

Disposals, right-of-use-assets

iren_DisposalsRightOfUseAssets

Disposals, right-of-use-assets

iren_DisposalsRightOfUseAssets

$ (185,000)

Disclosure of carrying amount of goodwill [Table Text Block]

iren_DisclosureOfCarryingAmountOfGoodwillTableTextBlock

	Consolidated
	30 June 2022		30 June 2021 (restated*)
	US$’000		US$’000

Non-current assets
Goodwill – at cost		634		659

Adjustments for interest on hybrid financial instruments

iren_AdjustmentsForInterestOnHybridFinancialInstruments

$ 26,748,000

Adjustments for interest on hybrid financial instruments

iren_AdjustmentsForInterestOnHybridFinancialInstruments

14,182,000

Adjustments for interest on hybrid financial instruments

iren_AdjustmentsForInterestOnHybridFinancialInstruments

$ 0

Contractual exercise period of options granted

iren_ContractualExercisePeriodOfOptionsGranted

12 years

Description of accounting policy for classification of assets and liabilities [Policy Text Block]

iren_DescriptionOfAccountingPolicyForClassificationOfAssetsAndLiabilitiesPolicyTextBlock

Current and non-current classification

Assets and liabilities are presented in the consolidated statement of financial position based on current and non-current classification.

An asset is classified as current when it is either expected to be realized or intended to be sold or consumed in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realized within 12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets are classified as non-current.

A liability is classified as current when it is either expected to be settled in the Group’s normal operating cycle; it is held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting period; or there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are always classified as non-current.

Adjustments for increase (decrease) in operating deposits

iren_AdjustmentsForIncreaseDecreaseInOperatingDeposits

$ 0

Adjustments for increase (decrease) in operating deposits

iren_AdjustmentsForIncreaseDecreaseInOperatingDeposits

90,000

Adjustments for increase (decrease) in operating deposits

iren_AdjustmentsForIncreaseDecreaseInOperatingDeposits

$ 0

Number of binding hardware purchase agreements

iren_NumberOfBindingHardwarePurchaseAgreements

Adjustments for increase (decrease) for prepayments and deposits

iren_AdjustmentsForIncreaseDecreaseForPrepaymentsAndDeposits

$ (4,604,000)

Adjustments for increase (decrease) for prepayments and deposits

iren_AdjustmentsForIncreaseDecreaseForPrepaymentsAndDeposits

Adjustments for increase (decrease) for prepayments and deposits

iren_AdjustmentsForIncreaseDecreaseForPrepaymentsAndDeposits

Impairment, right of use assets

iren_ImpairmentRightOfUseAssets

(167,000)

Impairment, right of use assets

iren_ImpairmentRightOfUseAssets

Impairment, right of use assets

iren_ImpairmentRightOfUseAssets

(167,000)

Purchase price of binding hardware equipment

iren_PurchasePriceOfBindingHardwareEquipment

$ 400,000,000

Additional operating capacity hash rate

iren_AdditionalOperatingCapacityHashRate

1.7

Additional operating capacity hash rate

iren_AdditionalOperatingCapacityHashRate

1.7

Percentage of non-penalty liquidated damages on purchase price

iren_PercentageOfNonPenaltyLiquidatedDamagesOnPurchasePrice

20.00%

Bitcoin on hand

iren_BitcoinOnHand

$ 0

Bitcoin on hand

iren_BitcoinOnHand

Adjustments for decrease (increase) in deferred tax assets

iren_AdjustmentsForDecreaseIncreaseInDeferredTaxAssets

(9,645,000)

Adjustments for decrease (increase) in deferred tax assets

iren_AdjustmentsForDecreaseIncreaseInDeferredTaxAssets

(911,000)

Adjustments for decrease (increase) in deferred tax assets

iren_AdjustmentsForDecreaseIncreaseInDeferredTaxAssets

$ 0

Disclosure of detailed information about property, plant and equipment, reconciliations of written down values [Table Text Block]

iren_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentReconciliationsOfWrittenDownValuesTableTextBlock

Reconciliations

Reconciliations of the written down values at the beginning and end of the current and previous financial year are set out below:

	Land			Buildings			Plant and equipment			Mining hardware			Assets under construction			Total
Consolidated	US$’000			US$’000			US$’000			US$’000			US$’000			US$’000

Balance as at 1 July 2020		166			3,085			1,275			3,512			-			8,038
Additions		229			150			1,371			1,653			5,550			8,953
Disposals		-			-			(2	)		(202	)		-			(204	)
Exchange differences		8			293			161			233			94			789
Impairment of assets		-			(79	)		-			(353	)		-			(432	)
Depreciation expense (note 6)		-			(169	)		(118	)		(922	)		-			(1,209	)

Balance as at 30 June 2021		403			3,280			2,687			3,921			5,644			15,935
Additions		1,466			10,603			844			168,899			61,650			243,462
Disposals		-			-			-			(28	)		-			(28	)
Exchange differences		(33	)		(330	)		(114	)		(2,651	)		(997	)		(4,125	)
Depreciation expense (note 6)		-			(471	)		(217	)		(6,994	)		-			(7,682	)

Balance as at 30 June 2022		1,836			13,082			3,200			163,147			66,297			247,562

Decrease (increase) through tax on share-based payment transactions, equity, shares

iren_DecreaseIncreaseThroughTaxOnShareBasedPaymentTransactionsEquityShares

95,925

Estimated cash flows period

iren_EstimatedCashFlowsPeriod

3 years

Goodwill, Pre-tax discount rate

iren_GoodwillPreTaxDiscountRate

23.50%

Goodwill , terminal growth rate

iren_GoodwillTerminalGrowthRate

2.50%

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

$ (4,000)

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

23,000

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

(75,000)

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

(105,000)

Deferred tax liability jurisdictional offsetting against deferred tax assets

iren_DeferredTaxLiabilityJurisdictionalOffsettingAgainstDeferredTaxAssets

8,321,000

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(4,000)

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

23,000

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(75,000)

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(105,000)

Deferred tax assets, offsetting against liability

iren_DeferredTaxAssetsOffsettingAgainstLiability

8,321,000

Increase (decrease) in deferred tax assets

iren_IncreaseDecreaseInDeferredTaxAssets

9,645,000

Increase (decrease) in deferred tax liabilities

iren_IncreaseDecreaseInDeferredTaxLiabilities

6,892,000

Deductible temporary differences for deferred tax assets

iren_DeductibleTemporaryDifferencesForDeferredTaxAssets

3,854,000

Deductible temporary differences for deferred tax assets

iren_DeductibleTemporaryDifferencesForDeferredTaxAssets

798,000

Deductible temporary differences for deferred tax assets

iren_DeductibleTemporaryDifferencesForDeferredTaxAssets

649,000

Advance payment in relation to share-based payments

iren_AdvancePaymentInRelationToShareBasedPayments

Advance payment in relation to share-based payments

iren_AdvancePaymentInRelationToShareBasedPayments

Advance payment in relation to share-based payments

iren_AdvancePaymentInRelationToShareBasedPayments

(168,000)

Bitcoins held

iren_BitcoinsHeld

Bitcoins held

iren_BitcoinsHeld

$ 0

Disclosure of detailed information about cash and cash equivalents [Table Text Block]

iren_DisclosureOfDetailedInformationAboutCashAndCashEquivalentsTableTextBlock

	Consolidated
	30 June 2022		30 June 2021 (restated*)
	US$’000		US$’000

Current assets
Cash at bank		109,970		38,990

Number of share options vested in share-based payment arrangement

iren_NumberOfShareOptionsVestedInShareBasedPaymentArrangement

300,000

Number of share options vested in share-based payment arrangement

iren_NumberOfShareOptionsVestedInShareBasedPaymentArrangement

300,000

Number of share options vested in share-based payment arrangement

iren_NumberOfShareOptionsVestedInShareBasedPaymentArrangement

400,000

Number of share options vested in share-based payment arrangement

iren_NumberOfShareOptionsVestedInShareBasedPaymentArrangement

2,000,000

Number of cash generating unit

iren_NumberOfCashGeneratingUnit

Increase (decrease) through contributions of equity, net of transaction costs

iren_IncreaseDecreaseThroughContributionsOfEquityNetOfTransactionCosts

$ 2,394,000

Increase (decrease) through contributions of equity, net of transaction costs

iren_IncreaseDecreaseThroughContributionsOfEquityNetOfTransactionCosts

Increase (decrease) through contributions of equity, net of transaction costs

iren_IncreaseDecreaseThroughContributionsOfEquityNetOfTransactionCosts

Increase (decrease) through contributions of equity, net of transaction costs

iren_IncreaseDecreaseThroughContributionsOfEquityNetOfTransactionCosts

$ 2,394,000

Number of operating segment

iren_NumberOfOperatingSegment

Prepayment Cash Amount

iren_PrepaymentCashAmount

$ 46,670,000

Proceeds (net of underwriting fees) from Initial Public Offering

iren_ProceedsNetOfUnderwritingFeesFromInitialPublicOffering

215,331,000

Proceeds (net of underwriting fees) from Initial Public Offering

iren_ProceedsNetOfUnderwritingFeesFromInitialPublicOffering

Proceeds (net of underwriting fees) from Initial Public Offering

iren_ProceedsNetOfUnderwritingFeesFromInitialPublicOffering

$ 0

Description of accounting policy for going concern [Policy Text Block]

iren_DescriptionOfAccountingPolicyForGoingConcernPolicyTextBlock

Going concern

The Group has determined there is material uncertainty that may cast significant doubt on the Group’s ability to continue as a going concern but has concluded it is appropriate to prepare the consolidated financial statements on a going concern basis which contemplates continuity of normal business activities, the realization of assets and settlement of liabilities in the ordinary course of business. The operating cashflows generated by the Group are inherently linked to several key uncertainties and risks including, but not limited to, volatility associated with the economics of Bitcoin mining and the ability of the Group to execute its business plan.

For the year ended 30 June 2022, the Group incurred a loss after tax of $419,770,000 (2021: $60,390,000) and net operating cash inflows of $21,557,000 (2021: $1,761,000). As at 30 June 2022, the Group had net current assets of $75,148,000 (2021: net current liabilities of $130,034,000) and net assets of $437,362,000 (2021: net liabilities of $49,454,000).

As further background, the Group’s miners are designed specifically to mine Bitcoin and its future success will depend in a large part upon the value of Bitcoin, and any sustained decline in Bitcoin’s value could adversely affect the business and results of operations. Specifically, the revenues from Bitcoin mining operations are predominantly based upon two factors: (i) the number of Bitcoin rewards that are successfully mined and (ii) the value of Bitcoin. A continued decline in the market price of Bitcoin, an increase in the difficulty of Bitcoin mining, changes in the regulatory environment and/or adverse changes in other inherent risks would significantly negatively impact the Group’s operations. Due to the volatility of the Bitcoin price and the effects of possible changes in the other aforementioned factors, there can be no guarantee that future mining operations will be profitable.

The strategy to mitigate these risks and uncertainties is to execute a business plan aimed at continued security, operational efficiency, revenue growth, improving overall mining profit, managing operating expenses and working capital requirements, maintaining capital expenditure optionality, and securing additional financing, as needed, through one or more debt and/or equity capital raisings.

The Group can wind down its operations (including not acquiring any additional mining hardware and/or incurring the associated infrastructure growth capital expenditure) in the event of unfavourable pricing in Bitcoin. The continuing viability of the Group and its ability to continue as a going concern and meet its debts and commitments as they fall due are therefore significantly dependent upon several factors. These factors have been considered in preparing a cash flow forecast over the next 12 months to consider the going concern of the Group. The key considerations include:

●	A base case scenario assuming current Bitcoin prices and global hashrate for the next 12 months, which has been considered at various bitcoin and hashrate scenarios;

●	The completion of key construction projects including the commissioning of the 50MW site at Prince George, British Columbia, an additional 30MW at Mackenzie, British Columbia (currently 50MW capacity) and energization at Childress, Texas;

●

As at 30 June 2022, the Group held $158,184,000 in prepayments made to Bitmain Technologies Limited (‘Bitmain’) for future mining hardware deliveries. $30,127,000 of this prepayment balance relates to a portion of deliveries assumed to increase the Group’s operating capacity to 4.3 EH/s by the end of the quarter ending 31 December 2022;

●

On 1 August 2022, the Group announced that it had reached agreement with Bitmain to ship an additional 1.7 EH/s of miners, which is assumed to increase the Group’s operating capacity to 6.0 EH/s before the end of the fiscal year 2023. The agreement utilizes $46,006,000⁽¹⁾ of prepayments, along with $5,869,000 of cash on hand. This additional 1.7 EH/s is now fully paid for by the Group (excluding shipping and taxes). Refer to Note 34 for further information;

●

Utilization of the remaining $82,051,000⁽²⁾ of prepayments, and the timing and volume of any additional future miner deliveries (i.e. beyond the 6.0 EH/s outlined above) continue to be subject to ongoing discussions with Bitmain. For the purposes of this going concern assessment, the Group does not currently expect to make upcoming payments under the relevant contract with Bitmain; and

●	The Group does not currently have any corporate level debt outstanding. For the purposes of this going concern assessment, all existing limited-recourse financing facilities are assumed to be repaid in line with the contractual terms.

These key assumptions have been considered using a range of historic Bitcoin price and global hashrate scenarios. The Group aims to maintain a degree of flexibility in both operating and capital expenditure cashflow management where it practicably makes sense, including ongoing internal cashflow monitoring and projection analysis performed to identify potential liquidity risks arising and to be able to respond accordingly.

As a result, the Group has concluded there is material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. However, the Group considers that it will be successful in the above matters and will have adequate cash reserves to enable it to meet its obligations for at least one year from the date of approval of the consolidated financial statements, and, accordingly, has prepared the consolidated financial statements on a going concern basis.

⁽¹⁾	The cash payment made by the Canadian subsidiary of the Group was $46,670,000. The retranslated balance of the prepayment as at 30 June 2022 is $46,006,000.

⁽²⁾	The cash payment made by the Canadian subsidiary of the Group was $83,340,000. The retranslated balance of the prepayment as at 30 June 2022 is $82,051,000.

Period of unsecured amount paid

iren_PeriodOfUnsecuredAmountPaid

30 days

Other current receivables, other

iren_OtherCurrentReceivablesOther

$ 1,000

Other current receivables, other

iren_OtherCurrentReceivablesOther

$ 55,000

Number of business days required to obtain written consent

iren_NumberOfBusinessDaysRequiredToObtainWrittenConsent

5 days

Expiry date of share-based payment arrangement grants

iren_ExpiryDateOfShareBasedPaymentArrangementGrants

Dec. 20, 2025

Tax effect at applicable tax rate for deferred tax assets

iren_TaxEffectAtApplicableTaxRateForDeferredTaxAssets

$ 5,117,000

Tax effect at applicable tax rate for deferred tax assets

iren_TaxEffectAtApplicableTaxRateForDeferredTaxAssets

1,887,000

Tax effect at applicable tax rate for deferred tax assets

iren_TaxEffectAtApplicableTaxRateForDeferredTaxAssets

$ 1,021,000

Increase (decrease) through conversion of convertible instruments, equity, issue price

iren_IncreaseDecreaseThroughConversionOfConvertibleInstrumentsEquityIssuePrice

$ 28.00

Conversion of simple agreement for future equity notes

iren_ConversionOfSimpleAgreementForFutureEquityNotes

$ 4,163,000

Conversion of simple agreement for future equity notes

iren_ConversionOfSimpleAgreementForFutureEquityNotes

Conversion of simple agreement for future equity notes

iren_ConversionOfSimpleAgreementForFutureEquityNotes

Conversion of simple agreement for future equity notes

iren_ConversionOfSimpleAgreementForFutureEquityNotes

4,163,000

Increase (decrease) through shares issued as part of business combination

iren_IncreaseDecreaseThroughSharesIssuedAsPartOfBusinessCombination

1,933,000

Increase (decrease) through shares issued as part of business combination

iren_IncreaseDecreaseThroughSharesIssuedAsPartOfBusinessCombination

Increase (decrease) through shares issued as part of business combination

iren_IncreaseDecreaseThroughSharesIssuedAsPartOfBusinessCombination

Increase (decrease) through shares issued as part of business combination

iren_IncreaseDecreaseThroughSharesIssuedAsPartOfBusinessCombination

1,933,000

Unused tax losses

iren_UnusedTaxLosses

19,268,000

Unused tax losses

iren_UnusedTaxLosses

7,239,000

Unused tax losses

iren_UnusedTaxLosses

4,065,000

iren_IncomeRelatedToProceedsFromIssuanceOfOptionsToExecutiveDirectors

7,000

iren_IncomeRelatedToProceedsFromIssuanceOfOptionsToExecutiveDirectors

$ 0

Description of new or amended accounting standards and interpretations adopted [Policy Text Block]

iren_DescriptionOfNewOrAmendedAccountingStandardsAndInterpretationsAdoptedPolicyTextBlock

New or amended Accounting Standards and Interpretations adopted

The Group has adopted all of the new or amended IFRS and Interpretations as issued by IASB that are mandatory for the current reporting period. These new standards did not have a material impact on the Group.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. The Group believes that the impact of recently issued standards or amendments to existing standards that are not yet effective will not have a material impact on the Group’s consolidated financial statements.

Insurance recovery

iren_InsuranceRecovery

$ 0

Insurance recovery

iren_InsuranceRecovery

418,000

Insurance recovery

iren_InsuranceRecovery

16,000

Payments for right-of-use assets

iren_PaymentsForRightOfUseAssets

Payments for right-of-use assets

iren_PaymentsForRightOfUseAssets

Payments for right-of-use assets

iren_PaymentsForRightOfUseAssets

$ 160,000

Disclosure of unrecognized deferred income tax assets [Table Text Block]

iren_DisclosureOfUnrecognizedDeferredIncomeTaxAssetsTableTextBlock

Unrecognized deferred tax assets
	Consolidated
	30 June 2022		30 June 2021 (restated*)		30 June 2020 (restated*)
	US$’000		US$’000		US$’000

Available tax losses		19,268		7,239		4,065

Tax effect at the applicable tax rate for each jurisdiction		5,117		1,887		1,021

Deferred tax asset on tax losses recognized to the extent of taxable temporary differences		3,854		798		649
Deferred tax asset on losses not recognized		1,263		1,089		372

Percentage of purchase price

iren_PercentageOfPurchasePrice

25.00%

Number of business days prior to relevant deadline

iren_NumberOfBusinessDaysPriorToRelevantDeadline

Advances and loans made to related parties

iren_AdvancesAndLoansMadeToRelatedParties

$ 1,870,000

Advances and loans made to related parties

iren_AdvancesAndLoansMadeToRelatedParties

Advances and loans made to related parties

iren_AdvancesAndLoansMadeToRelatedParties

Amount of Prepayments Utilized

iren_AmountOfPrepaymentsUtilized

$ 46,006,000

Period to adequate cash reserves to enable to meet its obligations from date of approval

iren_PeriodToAdequateCashReservesToEnableToMeetItsObligationsFromDateOfApproval

1 year

Number of Bitcoin Mining Pools

iren_NumberOfBitcoinMiningPools

Number of Bitcoin Mining Pools

iren_NumberOfBitcoinMiningPools

Number of Bitcoin Mining Pools

iren_NumberOfBitcoinMiningPools

Increase (decrease) through share based payment transactions, advance prepayments

iren_IncreaseDecreaseThroughShareBasedPaymentTransactionsAdvancePrepayments

$ 177,000

Increase (decrease) through share based payment transactions, advance prepayments

iren_IncreaseDecreaseThroughShareBasedPaymentTransactionsAdvancePrepayments

Increase (decrease) through share based payment transactions, advance prepayments

iren_IncreaseDecreaseThroughShareBasedPaymentTransactionsAdvancePrepayments

Increase (decrease) through share based payment transactions, advance prepayments

iren_IncreaseDecreaseThroughShareBasedPaymentTransactionsAdvancePrepayments

$ 177,000

Additional hash rate of operating capacity

iren_AdditionalHashRateOfOperatingCapacity

1.7

Percentage of purchase price liable

iren_PercentageOfPurchasePriceLiable

20.00%

Prepayments and deposits [Table Text Block]

iren_PrepaymentsAndDepositsTableTextBlock

	Consolidated
	30 June 2022		30 June 2021 (restated*)
	US$’000		US$’000

Current assets
Security deposits		18,972		155
Prepayments		7,658		492

		26,630		647

Number of convertible instruments outstanding

iren_NumberOfConvertibleInstrumentsOutstanding

Key management personnel, proceeds from each executive director for options granted

iren_KeyManagementPersonnelProceedsFromEachExecutiveDirectorForOptionsGranted

$ 3,868

Key management personnel, proceeds from each executive director for options granted

iren_KeyManagementPersonnelProceedsFromEachExecutiveDirectorForOptionsGranted

$ 5,005

Description of accounting policy for basis of preparation [Policy Text Block]

iren_DescriptionOfAccountingPolicyForBasisOfPreparationPolicyTextBlock

Basis of preparation

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board (‘IASB’).

Historical cost convention

The consolidated financial statements have been prepared under the historical cost convention, except for the revaluation of financial assets and liabilities at fair value through profit or loss.

Critical accounting estimates

The preparation of the consolidated financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 3.

Prepayments balance relates to operating capacity

iren_PrepaymentsBalanceRelatesToOperatingCapacity

$ 30,127,000

Description of accounting policy for principles of consolidation [Policy Text Block]

iren_DescriptionOfAccountingPolicyForPrinciplesOfConsolidationPolicyTextBlock

Principles of consolidation

The consolidated financial statements incorporate the assets and liabilities of all subsidiaries of Iris Energy Limited as at 30 June 2022 and 30 June 2021 and the results of all subsidiaries for the years ended 30 June 2022, 30 June 2021, and 30 June 2020.

Subsidiaries are all those entities over which the Group has control (as listed in note 28). The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.

Intercompany transactions, balances and unrealized gains on transactions between entities in the Group are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of subsidiaries align to the policies adopted by the Group.

The acquisition of subsidiaries is accounted for using the acquisition method of accounting. A change in ownership interest, without the loss of control, is accounted for as an equity transaction, where the difference between the consideration transferred and the book value of the share of the non-controlling interest acquired is recognized directly in equity attributable to the parent.

Where the Group loses control over a subsidiary, it derecognizes the assets including goodwill, liabilities and non-controlling interest in the subsidiary, together with any cumulative translation differences recognized in equity. The Group recognizes the fair value of the consideration received and the fair value of any investment retained together with any gain or loss in profit or loss.

William Roberts [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

Nov. 06, 2018

David Shaw [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

Oct. 22, 2021

Lindsay Ward [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

Oct. 18, 2021

Paul Gordon [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

Dec. 19, 2019

Date ceased to be key management personnel

iren_DateCeasedToBeKeyManagementPersonnel

Oct. 24, 2021

Belinda Nucifora [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

May 16, 2022

Daniel Roberts [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

Nov. 06, 2018

Christopher Guzowski [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

Dec. 19, 2019

David Bartholomew [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

Sep. 24, 2021

Jason Conroy [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

May 10, 2021

Date ceased to be key management personnel

iren_DateCeasedToBeKeyManagementPersonnel

Sep. 23, 2021

Michael Alfred [Member]

Date of commencement of individuals in position

iren_DateOfCommencementOfIndividualsInPosition

Oct. 21, 2021

Forecast [Member]

Operating capacity hash rate

iren_OperatingCapacityHashRate

6.0

US Dollar [Member]

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

$ (1,238,000)

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

1,513,000

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

1,296,000

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

(1,584,000)

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(1,238,000)

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

1,513,000

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

1,296,000

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(1,584,000)

Canadian Dollar [Member]

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

23,386,000

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

(23,386,000)

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

6,733,000

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

(6,733,000)

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

23,386,000

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(23,386,000)

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

6,733,000

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(6,733,000)

Australian Dollar [Member]

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

(22,152,000)

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

21,896,000

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

(8,104,000)

Strengthened / weakened, effect on profit before tax

iren_StrengthenedWeakenedEffectOnProfitBeforeTax

8,212,000

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(22,152,000)

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

21,896,000

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

(8,104,000)

Strengthened / weakened, effect on equity

iren_StrengthenedWeakenedEffectOnEquity

$ 8,212,000

General information (Details)	Nov. 04, 2021
General information [Abstract]
Reverse stock split ratio	0.2

Other operating expenses (Details) - USD ($) $ in Thousands	12 Months Ended
Other operating expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Other operating expenses [Abstract]
Site expenses	$ 1,644	$ 170	$ 30
Site identification costs	$ 258	$ 0	$ 0

Non-cash investing and financing activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Non-cash investing and financing activities [Abstract]
Convertible notes issued in lieu of interest/referral fees	$ 0	$ (463)	$ 0
Mining hardware finance additional fee	(1,424)	(2,426)	0
Mining hardware prepayments made directly by third party financier	(37,980)	(1,458)	0
Additions to right-of-use assets and lease liabilities	298	1,051	271
Shares issued in relation to business combinations	0	0	1,930
Vendor loan	0	0	1,980
Non-cash investing and financing activities	$ (39,106)	$ (3,296)	$ 4,181