Iris Energy – Sustainable Bitcoin Mining

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Focus on renewable energy

We are a sustainable Bitcoin miner, with a highly experienced energy and infrastructure management team. We build, own and operate real assets including data centre infrastructure powered by renewable energy.

We target development in regions where we can access abundant and/or under-utilised renewable energy. In the case of our flagship data centre operation in British Columbia, Canada, this is hydroelectricity.

We believe that as Bitcoin continues to develop as an emerging store of value and medium of exchange, it is increasingly important that this asset class evolves in an environmentally and socially responsible manner. Accordingly, we believe that renewable energy is the best and most sustainable long-term source of power for our operations.

Ancillary services to electricity markets

In addition to utilising renewable energy, our infrastructure provides important services to the electricity networks where we operate.

For example, our data centres offer dynamic load management that can ramp down electricity usage when demand is high or when renewable energy sources are producing electricity at low volumes, and ramp up electricity usage when demand is low or when renewable energy sources are producing electricity at high volumes that may otherwise be wasted, thereby supporting the ongoing penetration of intermittent renewables.

Our data centres are also geographically flexible allowing us to locate our operations in areas where there is excess generation and/or grid constraints. In this way, we can support the efficient management of network resources and facilitate increased renewable generation and the decarbonisation of energy markets.

Partnerships with First Nations and Indigenous communities

We look to partner with and support local First Nations and Indigenous communities where we operate.

For example, we recently contributed C$500,000 to four indigenous Ktunaxa First Nations communities who are the traditional land owners of our first flagship site in British Columbia, Canada. We committed to make this an annual contribution subject to the continuing and profitable operation of the 30MW data centre, and will work with the First Nations communities to deepen the relationship in a number of areas, including by providing employment and training opportunities.
For further information, please see a copy of our media release and related news at:

Iris Energy commits to an enduring relationship with First Nations at Canal Flats
A sustainable solution for bitcoin mining in B.C.’s rural communities

Supporting regional and remote communities

We partner with Governments and support regional and remote local communities.

Our operations are naturally geographically flexible and offer the (re)introduction of local employment and economic activity to regional and remote areas and communities that are often experiencing financial hardship due to declining manufacturing or industrial operations.

In regions where we operate, we provide funding for local community recreational infrastructure and volunteer groups (such as the Canal Flats Volunteer Fire & First Aid community group) and look to partner with schools and training authorities to develop programs to train maintenance technicians, network specialists and other operations staff.

For example, we are working with the College of New Caledonia, Province of British Columbia – Industry Training Authority and First Nation/Indigenous Communities to build training programs for candidates interested in securing jobs at each of our data centre sites in British Columbia.
We also work with community associations such as the local Chamber of Commerce where we encourage and promote Business-to-Business opportunities.

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Governance

Iris Energy places a strong emphasis on proper governance and believes that well governed companies typically face lower ESG risks, enabling them to deliver sustainable long-term results to shareholders.

Governance issues of particular focus include alignment of the Board and management with the ultimate owners of the company (our shareholders), internal controls, policies and procedures, board composition and skills, executive remuneration, business ethics, transparency of reporting, and accounting and audit practices.

Image source: afr.com | Photographer: James Brickwood