IREN Limited Q2 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Business Overview: Iris Energy is a sustainable Bitcoin miner developing its own data centers, powered entirely by renewable energy. It emphasizes long-term infrastructure, owning and operating all aspects — land, substations, data centers, and mining assets.
  • Company Framework: The business follows the "4 Ms": Miners, Megawatts, Money, and Management. This represents the core pillars of their operations, capital strategy, and team competence.

Operational Progress

  • Current Mining Capacity: 15 exahash (EH/s) of computing power secured (USD 600 million in mining hardware at ~$40/TH, significantly below current market prices of $60-80/TH).
  • Installed Hash Rate: 0.8 EH/s at Canal Flats, outperforming earlier estimates (0.7 EH/s).
  • Sites in Development:
    • Mackenzie (BC): 50 MW total capacity; 9 MW online by early Q2, remainder by Q3 2022. 1.5 EH/s total capacity.
    • Prince George (BC): 85 MW total capacity; 50 MW by Q3 2022, 35 MW by 2023.
    • Panhandle, Texas: 600 MW site under construction with power connection secured. Target completion of core infrastructure by end of 2022. Supports 17 EH/s.

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Operator: Thank you for standing by, and welcome to the Iris Energy Earnings Call First Half Financial Year 2022. I would now like to hand the conference over to Mr. Dan Roberts, Co-founder and Co-CEO. Please go ahead. Daniel Roberts: Hi, everyone, and welcome. We're sitting here today and thrilled to engage in our inaugural earnings call, so thank you for dialing in. And we look forward to the discussion. First things first. As a matter of housekeeping and to keep the lawyers happy, I'll just draw attention to the disclaimer. I'm not going to propose to read it out in full, but there will be forward-looking statements, non-IFRS financial measures, industry and statistical data. Encourage you to read and review that in your own time, but on to the business. So who are we and what we -- what do we do? We're a sustainable bitcoin miner. We build, own and operate our own proprietary data centers. And we've really been focused on not just using excess renewable energy since inception but also really focused on ensuring that we enter markets where we are solving problems, delivering positive externalities. So today, the structure will be I'll give an overview, a little bit more of who we are and what we do just given it's our inaugural call; give a bit of a refresher for those that do know us. I'll then look to pass over to our President, Lindsay Ward, who will take you through some of the specific sites under construction; give you an update on progress, operation

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