Iris Energy Mined 399 BTC in Dec, 4,123 BTC in 2023; Revenue $17.17M
Ticker: IREN · Form: 6-K · Filed: Jan 5, 2024 · CIK: 1878848
| Field | Detail |
|---|---|
| Company | Iris Energy Ltd (IREN) |
| Form Type | 6-K |
| Filed Date | Jan 5, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 1 min |
| Sentiment | bullish |
Complexity: simple
Sentiment: bullish
Topics: monthly-update, bitcoin-mining, operational-results, cryptocurrency
TL;DR
**Iris Energy just dropped December numbers: 399 BTC mined, $17.17M revenue, 4,123 BTC for all of 2023.**
AI Summary
Iris Energy Limited released its December 2023 monthly investor update on January 5, 2024, revealing it mined 399 Bitcoin in December and a total of 4,123 Bitcoin in calendar year 2023. The company reported mining revenue of $17,174,000 for December, with electricity costs of $5,926,000, resulting in a revenue per Bitcoin of $43,056. This matters to investors because it provides a transparent look into the company's operational efficiency and Bitcoin production, directly impacting its potential profitability and stock valuation.
Why It Matters
This filing provides crucial operational metrics like Bitcoin mined and associated costs, which are direct indicators of Iris Energy's performance and profitability in the volatile cryptocurrency mining sector.
Risk Assessment
Risk Level: medium — The company operates in the highly volatile cryptocurrency mining industry, subject to significant fluctuations in Bitcoin price and energy costs, which can impact its revenue and profitability.
Analyst Insight
Investors should monitor future monthly updates for continued growth in Bitcoin production and hashrate, and assess the impact of Bitcoin price fluctuations on the company's profitability, especially given the detailed cost breakdown provided.
Key Numbers
- 4,123 BTC — Bitcoin mined (total Bitcoin mined in calendar year 2023)
- 399 BTC — Bitcoin mined (Bitcoin mined in December 2023)
- $17,174,000 — Mining revenue (total mining revenue for December 2023)
- $5,926,000 — Electricity costs (total electricity costs for December 2023)
- 5,576 PH/s — Average operating hashrate (average operating hashrate for December 2023)
Key Players & Entities
- Iris Energy Limited (company) — the registrant and Bitcoin mining company
- Daniel Roberts (person) — Co-Chief Executive Officer and Director of Iris Energy Limited
- $17,174,000 (dollar_amount) — mining revenue for December 2023
- $5,926,000 (dollar_amount) — electricity costs for December 2023
- $43,056 (dollar_amount) — revenue per Bitcoin for December 2023
Forward-Looking Statements
- Iris Energy's Q2 2024 (ending Dec 2023) earnings report will reflect the strong Bitcoin production and revenue figures for December 2023. (Iris Energy Limited) — high confidence, target: February 2024
- The company's '10 EH/s expansion' being 'fully funded' and 'construction ahead of schedule' will lead to increased hashrate and Bitcoin production in the coming months. (Iris Energy Limited) — medium confidence, target: Q1 2024
FAQ
What was Iris Energy Limited's total Bitcoin production for the entire calendar year 2023?
Iris Energy Limited mined a total of 4,123 Bitcoin in calendar year 2023, as stated in the Key Highlights section of the Exhibit 99.1.
How many Bitcoin did Iris Energy Limited mine specifically in December 2023?
In December 2023, Iris Energy Limited mined 399 Bitcoin, according to the 'Key metrics' table in Exhibit 99.1.
What was the mining revenue reported by Iris Energy Limited for December 2023?
The mining revenue for Iris Energy Limited in December 2023 was US$17,174,000, as detailed in the 'Key metrics' table in Exhibit 99.1.
What were the electricity costs incurred by Iris Energy Limited in December 2023?
Iris Energy Limited reported electricity costs of US$5,926,000 for December 2023, as shown in the 'Key metrics' table in Exhibit 99.1.
What was the average operating hashrate for Iris Energy Limited in December 2023?
The average operating hashrate for Iris Energy Limited in December 2023 was 5,576 PH/s, according to the 'Key metrics' table in Exhibit 99.1.
Filing Stats: 244 words · 1 min read · ~1 pages · Grade level 14.6 · Accepted 2024-01-05 06:14:12
Filing Documents
- ef20018183_6k.htm (6-K) — 9KB
- ef20018183_ex99-1.htm (EX-99.1) — 84KB
- image2.jpg (GRAPHIC) — 103KB
- image3.jpg (GRAPHIC) — 71KB
- image4.jpg (GRAPHIC) — 55KB
- image00005.jpg (GRAPHIC) — 15KB
- 0001140361-24-000809.txt ( ) — 430KB
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Iris Energy Limited Date: January 5, 2024 By: /s/ Daniel Roberts Daniel Roberts Co-Chief Executive Officer and Director