Exhibit
No.
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Description
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Iris Energy Limited (dba IREN), March 2024 Monthly Investor Update, dated April 4, 2024
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Iris Energy Limited
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Date: April 4, 2024
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By:
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/s/ Daniel Roberts
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Daniel Roberts
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Co-Chief Executive Officer and Director
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Bitcoin Mining
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AI Cloud Services
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• 353 Bitcoin mined in March
• 8 EH/s operating, 20 EH/s in 2024
• Expansion fully funded
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• NVIDIA H100 GPUs
o 248 operating
o 568 commissioning
• Customer negotiations in progress
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Data Centers
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Corporate
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• 220MW operating, 460MW in 2024
• New and optimized data center design expediting construction timelines
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• $301m cash, no debt
• 2024 expansion fully funded
• Quarterly reporting to start from March 31, 2024
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Bitcoin Mining1
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Mar-24
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Feb-24
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Jan-24
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Average operating hashrate (PH/s)
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7,107
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6,299
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5,642
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Renewable energy usage (MW)2
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195
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174
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163
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Bitcoin mined
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353
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310
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341
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Mining revenue (US$’000)
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23,705
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15,212
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14,466
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Electricity costs (US$’000)3
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7,172
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6,241
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6,376
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Revenue per Bitcoin (US$)
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67,235
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49,134
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42,436
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Electricity cost per Bitcoin (US$)
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20,343
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20,158
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18,705
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Bitcoin Mining
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March operations
• Average operating hashrate of 7.1 EH/s
(now expanded to 8 EH/s)
• Monthly mining revenue increased by 56% to $23.7m, due to increased hashrate and higher Bitcoin price
2024 expansion to 20 EH/s, now fully funded
• H1 2024 (10 EH/s) – 8 EH/s operating, remaining 2 EH/s to be
commissioned
• H2 2024 (20 EH/s) – 10 EH/s of new miners secured4
• 20 EH/s generates ~$269m of annualized hardware profit (post-halving)5
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AI Cloud Services
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poolsideAI’s CTO & Co-Founder presenting alongside
IREN CEO & Co-Founder at NVIDIA GTC
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AI Cloud Services
• Recently presented at NVIDIA GTC, with poolsideAI’s Co-Founder & CTO joining the stage to highlight the
strength of IREN’s cloud services capabilities
• NVIDIA H100 GPUs:
o Located at our Prince George data center
o 248 GPUs operating
o 568 GPUs undergoing commissioning
• Customer negotiations for new capacity in progress
• 816 GPUs generates an estimated ~$14-$17m of annualized hardware profit (~24 month payback)5
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Data Centers
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Childress (March 29, 2024)
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460MW of data centers
• Childress Phase 1 (first 100MW) – H1 2024
o Supports expansion to 10 EH/s
o 60MW operating, 40MW under construction
• Childress Phase 2 & 3 (next 200MW) – H2 2024
o Supports expansion to 20 EH/s
o Construction underway with ~180 personnel on site
o New and optimized data center design expediting construction timelines through increased power density per
building and constructability improvements
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Data Center
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Capacity
(MW)
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Capacity
(EH/s)4
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Timing
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Status
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Canal Flats (BC, Canada)
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30
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0.9
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Complete
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Operating
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Mackenzie (BC, Canada)
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80
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2.8
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Complete
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Operating
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Prince George (BC, Canada)
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50
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1.6
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Complete
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Operating
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Childress Phase 1 (Texas, USA)
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60
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2.7
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Complete
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Operating
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Total Operating
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220
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8.0
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Childress Phase 1 (Texas, USA)
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40
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2.0
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H1 2024
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Under construction
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Childress Phase 2-3 (Texas USA)
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200
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10.0
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H2 2024
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Under construction
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Total Operating & Construction
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460
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20.0
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Childress Phase 4-6 (Texas, USA)
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300
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TBD
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Power available
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Development Site (Texas, USA)
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1,400
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Late 2026
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Connection underway
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Total Capacity
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2,160
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Corporate
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IREN Co-Founder & Co-CEO Daniel Roberts
presenting at NVIDIA GTC
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Funding & corporate
• $301m cash6, no debt
• Expansion to 460MW of data centers and 20 EH/s of Bitcoin mining in 2024 now fully funded,
following completion of a targeted ATM equity raising program
• Quarterly reporting to commence from the quarter ending March 31, 2024
Upcoming events
• CG Digital Assets Symposium (April 11, 2024)
• London non-deal roadshow (April 8 - 11, 2024)
• CheatCode UK (April 12 - 13, 2024)
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Contacts
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Media
Jon Snowball
Domestique
+61 477 946 068
Danielle Ghigliera
Aircover Communications
+1 510 333 2707
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Investors
Lincoln Tan
IREN
+61 407 423 395
lincoln.tan@iren.com
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Forward-Looking Statements
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1.
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Bitcoin and Bitcoin mined in this investor update are presented in accordance with our revenue recognition policy which is determined on a Bitcoin received basis (post deduction of
mining pool fees as applicable).
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2.
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Comprises actual power usage for Canal Flats, Mackenzie, Prince George, and Childress. The Company’s Canal Flats, Mackenzie and Prince George sites have been powered by 100%
renewable energy since inception of which approximately 98% is directly from renewable energy sources; approximately 2% is from the purchase of RECs. The Company’s Childress site has been powered by 100% renewable energy since
inception via the purchase of RECs.
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3.
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Represents electricity costs net of realized gain on financial asset. Realized gain on financial asset represents unaudited power credits (primarily driven by voluntary curtailment)
earned under hedge contracts. February and March 2024 electricity cost includes net revenue generated from participation in ERCOT demand response program. Figures are based on current internal estimates and exclude REC purchases.
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4.
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Additional capacity to be installed comprises Bitmain T21 miner purchases of 3 EH/s and miner purchase options of 9 EH/s. Final decisions with respect to exercising miner purchase
options will be made during 2024 taking into consideration market conditions.
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5.
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Illustrative Annualized Hardware Profit = revenue less assumed electricity costs (excludes all other site, overhead and REC costs). Bitcoin mining calculations assume hardware
operates at 100% uptime and $0.04/kWh electricity costs. Source: Coinwarz Bitcoin Mining Calculator. Inputs: 20,000 PH/s (hashrate), ~595 EH/s (global hashrate), $70,000 (BTC price), 3.125 BTC (block reward), 0.3 BTC (transaction
fees), 0.2% (pool fees), 440MW (power consumption). These inputs and assumptions are based on current and historical market conditions which may be different in the future. GPU calculations assume 1.25kW power draw required for 1
GPU, $0.05/kWh electricity costs and $2.00-2.50 per GPU hour revenue assumption. Hardware capex assumes ~$40k per GPU.
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6.
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Cash of $301m reflects USD equivalent, unaudited preliminary cash, cash equivalents and term deposits as of March 29, 2024 plus ATM proceeds to be received first week of April 2024
from shares sold on or prior to March 29, 2024. Between March 16, 2024 and March 29, 2024 the Company raised $72m in gross proceeds from the sale of 13.6m shares. Remaining capacity under existing ATM of $166m. Total number of
ordinary shares outstanding as of March 29, 2024 is 141,094,782, including shares sold through the ATM on or prior to March 29, 2024.
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