We believe technology can, and will, change the world.
Dan and Will first came across Bitcoin in 2013 and joined the many other investors attracted to the relatively new asset. However, it took a few years for them to truly understand exactly what Bitcoin was – and there was no denying it was here to stay.
Early days of Iris Energy
Three main factors solidified their path forward:
- Dan and Will’s early conviction on Bitcoin
- Dan’s work with renewables, including building out wind and solar farms, across Europe and Australia at Macquarie Bank and Palisade Investment Partners (which he helped grow to US$6bn in AUM as its second largest individual shareholder)
- Will’s experience with providing debt financing and principal investments into traditional mining projects at Macquarie Bank, as well as co-founding the bank's digital assets team in 2018
Bitcoin mining combines both their fields of expertise: renewable energy and traditional mining. Dan and Will saw an opportunity to capitalize on excess renewable energy and support energy networks, while building out a profitable business in an emerging sector.
Opportunity
Capitalizing on our unique position in the market, the path had always been a clear one. Iris Energy’s business model has been built on sustainably-mined Bitcoin, with a focus on scaling sustainably from the start, and not bolting it on as an afterthought.
The opportunity emerged from two key drivers:
- Commoditization of hardware technology: universal access to mining chips evened the playing field, meaning hardware manufacturers no longer have a competitive advantage
- Industry size: Bitcoin’s continued adoption, which was responsible for over $9 billion of global Bitcoin mining revenue in 2022
Iris Energy is doing something unique. We are using low-cost excess renewable energy to:
- Keep costs low
- Support local communities
- Solve energy market challenges
Our future
As the Bitcoin industry continues to grow, so do we, with sustainability at the forefront of our decision-making.
Avenues for growth:
- Expand existing sites
- Develop new sites
- Develop & operate renewable generation
- Leverage potential platform opportunities, e.g. “green” hydrogen or high-performance computing
- Pursue strategic acquisitions