Iris Energy – Sustainable Bitcoin Mining

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4 May 2021

Iris Energy raises AUD$110 million to pursue leadership in Bitcoin mining

Iris Energy is pleased to announce that it has raised AUD$110 million.

This follows a successful AUD$25 million funding round in December and was:

  • upsized from an initial target size of AUD$20 million announced in late February;
  • cornerstoned by respected institutional investor Platinum Asset Management with an investment of AUD$13 million; and
  • supported by existing and other new investors, including a US-based hedge fund.

Iris Energy:

  • is a sustainable Bitcoin miner that owns and operates real assets, including data centre infrastructure, powered by renewable energy;
  • operates a 9MW Bitcoin mining data centre project in British Columbia, Canada, with construction underway for its expansion to 30MW (0.7EH/s) later this year;
  • has applied the capital raising proceeds to secure additional data centre development sites and new computing hardware which, with further funding, will expand capacity to 180MW (4.5EH/s) across multiple sites in 2022, making Iris Energy one of the largest1 Bitcoin miners in the world; and
  • recently appointed David Bartholomew as Independent Non-Executive Chairman and Jason Conroy as CEO, commencing 10 May 2021. These appointments complement and strengthen Iris Energy’s leadership team with a proven track record in energy, infrastructure, renewables, finance, digital assets and data centres.

Iris Energy’s Co-Founder and Executive Director, Daniel Roberts, said:

“We thank our investors for their continuing support of our business. With ownership and control of real assets powered by renewable energy, we are strongly positioned to become a market leader in Bitcoin mining. Our ramp up to 4.5EH/s of computing power will make Iris Energy one of the largest1 Bitcoin miners in the world.

“To capitalise on this growth outlook, we are preparing Iris Energy to become a public company on a globally recognised stock exchange and assessing additional near-term funding options.”

View Media Release here

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