The mining company hits 50 EH/s of hashrate and expands into AI infrastructure.
Iren, a Nasdaq-listed company, has officially reached the milestone of 50 EH/s of hashrate, positioning itself among the leaders in the mining sector.
The achievement marks the company’s mid-year target, driven primarily by its 750MW Childress facility in Texas, of which 650MW are already operational. Iren’s 50 EH/s represents roughly 6% of Bitcoin’s total estimated network hashrate, currently around 840 EH/s.
Daniel Roberts, co-founder and co-CEO of Iren, stated:
“Reaching 50 EH/s is a defining milestone and a testament to our ability to rapidly deliver complex energy and data center infrastructure.”
Iren strategically positions itself among top industry players by hashrate: Marathon leads with 57.3 EH/s, followed by CleanSpark at 50 EH/s.
The company’s operational strategy stands out for its cost efficiency: Iren mined Bitcoin at a total cost of $41,000 per BTC last quarter, benefiting from 15 J/TH efficiency, low-cost renewable energy, and vertical integration.
Unlike many competitors that hold Bitcoin on their balance sheets, Iren follows a daily sell strategy to avoid balance sheet risk and tie performance directly to operations.
The company is also following the growing trend of diversification into AI and high-performance computing, similar to moves made by Core Scientific.
The Childress site will serve as the foundation for Iren’s next growth phase with Horizon 1, a 50MW liquid-cooled AI data center scheduled for Q4 2025. Roberts added:
“With 50 EH/s of mining expansion complete, we’re now turning to our next frontier, leveraging the same execution discipline to scale AI infrastructure across high-growth compute markets.”
