IREN
(NASDAQ: IREN) just became yet another publicly-listed Bitcoin (BTC) miner from
Wall Street, which significantly increased its revenue over the last year,
benefiting from higher cryptocurrency prices. According to the results for the
fiscal year ended June 30, 2024, revenues grew by 145%, and the number of mined
BTC increased by 30%.
IREN Reduces Net Loss by
Sixfold in 2024
The company
reported record Bitcoin mining revenue of $184.1 million, up from $75.5 million
in the previous fiscal year. This substantial increase was driven by growth in
operating hashrate and higher Bitcoin prices. IREN mined 4,191 Bitcoin during
the year, compared to 3,259 in fiscal year 2023.
Adjusted
EBITDA also saw a strong improvement, reaching $54.7 million, up from $1.4
million in the prior year. The company’s EBITDA turned positive at $19.6
million, compared to a loss of $123.2 million in fiscal year 2023.
As a
result, the net loss of nearly $172 million from the previous year was reduced
to $29 million.
“We are
pleased to report our full year FY24 results, which highlights continued growth
across revenue, earnings and cashflow,” said Daniel Roberts, Co-Founder and
Co-CEO of IREN. “Our 2024 guidance remains unchanged. With 15 EH/s installed,
we are well on track to achieve our 20 EH/s milestone next month and 30 EH/s
this year.”
Among
the companies that recently reported revenue growth is also Argo Blockchain. Its
financial results grew by 18% in H1 2024 despite a 50% drop in the number of
mined cryptocurrencies.
AI Move
Similarly
to a number of other companies in the sector recently, IREN also reported
progress in its AI Cloud Services business, generating $3.1 million in revenue
from multiple customers across reserved and on-demand markets.
The
company’s expansion plans remain on track, with data center capacity expected
to reach 510MW by the end of 2024. IREN has also secured 2,310MW of
grid-connected power over the last 12 months, positioning it for future growth.
Looking
ahead, IREN is set to increase its Bitcoin mining capacity to 30 EH/s by the
end of 2024, with 15 EH/s already installed. The company has also secured a
pathway to reach 50 EH/s through existing purchase options for Bitmain S21 Pro
miners.
Good
results are one thing, however, Bitcoin mining gigants from Wall Street still feel the halving hangover. Their mining revenues in July fell by another 12%. This
continues the negative reaction to April’s halving, which reduced block
rewards, coupled with low…
