Iris Energy Limited IREN stock is trading lower on Wednesday. The company issued its July 2024 monthly investor update on Tuesday. Iris is also anticipated to report 2024 fiscal year fourth quarter earnings on August 20th.
What To Know: In the investor update, the company announced it mined 222 Bitcoin BTC/USD during the month of July. Iris had previously mined 233 and 230 Bitcoin in June and May respectively.
The company announced its average operating hash rate was 9.008 EH/s for July and that it had 10.5 EH/s installed as of August 5. Iris explained that the average operating hash rate for the past month was affected by planned outages for Phase 1 substation upgrades and Phase 2 substation energization, as well as performance issues with T21 miners due to a batch production problem.
The company is on track to meet its goal of 20 EH/s by the end of the third quarter and it aims to reach 30 EH/s by the end of the year. In addition, Iris stated that its revenue from AI Cloud Services for July is 17% higher compared to June and 42% versus May. The company has a fleet of 816 NVIDIA H100 GPUs which is fully utilized and serviced 6 end-customers.
The company is planning to launch its Childress GPU pilot during the second half of 2024. It also secured an additional 150 MW in available power capacity at Childress, increasing total capacity from 600 MW to 750 MW.
Separately, Analyst estimates EPS of four cents and sales of $59.29 million for the company’s fourth quarter earnings.
Related Link: Ethereum Sell Pressure: Jump Trading Offloads $29M, $63M More On The Horizon
IREN Price Action: Iris stock is trading 12.6% lower at $6.92 at the time of writing, according to data from Benzinga Pro.
Image: Photo via Shuttershock
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