The Australian company specializing in Bitcoin mining raises $413.4 million to expand its operations post-halving.
Iris Energy, the Australian Bitcoin mining giant, has announced that it raised $413.4 million to fund the expansion of its mining operations. As reported in an official statement, the company, listed on Nasdaq, obtained the funds through the sale of 39.8 million shares between May 15 and June 28.
The sale of shares will finance Iris Energy’s expansion plan. The goal is to achieve a hash rate capacity of 30 EH/s and a data center capacity of 510 MW by the end of the year. The surplus liquidity will be used for necessary procurement for expansion, for future agreements aimed at increasing energy capacity, and for potential energy monetization activities.
In the first quarter of 2024, the company generated Bitcoin mining revenues of $53.4 million, up from $42 million in the fourth quarter of 2023. Net profit shifted from a loss of $5.2 million in Q4 2023 to a profit of $8.6 million in the first quarter of this year.
