Bitcoin halving: IREN mines 353 BTC in March as monthly revenue jumps

IREN (NASDAQ: IREN), a data center business specializing in Bitcoin mining, and AI, said in its monthly investor update that it successfully mined 353 Bitcoins in March.

Bitcoin mining in March

The 353 Bitcoins mined by IREN (Iris Energy Limited) just ahead of the halving season were made possible by maintaining an average operating hashrate of 7.1 EH/s throughout the month.

The increase in mining activity resulted in a surge in monthly mining revenue, which skyrocketed by 56% to $23.7 million.

IREN also announced fully funded expansion plans aimed at ramping up its operating hashrate to 20 EH/s by 2024.

Half of this expansion is already operational as of H1 2024, underscoring the company's commitment to scaling its Bitcoin mining operations to meet growing demand and capitalize on market opportunities.

IREN AI cloud services

IREN showcased its AI cloud services capabilities at the prestigious NVIDIA GTC event.

With poolsideAI's Co-Founder & CTO taking the stage, IREN highlighted the robustness of its AI offerings, leveraging NVIDIA H100 GPUs.

Currently, IREN operates 248 GPUs, with an additional 568 GPUs undergoing commissioning.

Negotiations with customers for new capacity are underway, with expectations that 816 GPUs will generate an estimated $14-$17 million of annualized hardware profit.

IREN data center capacity expansion plans

IREN's data center capacity stands at an impressive 460MW. The company is actively pursuing expansion initiatives to accommodate its growing operations.

The completion of Childress Phase 1, scheduled for H1 2024, will support the expansion to 10 EH/s. Currently, 60MW of capacity is operational, with an additional 40MW under construction.