IREN Limited Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Operating Capacity: Iris Energy increased operating capacity from 2 exahash to 5.5 exahash following a strategic transaction with Bitmain. The upgrade includes 44,000 new machines, scheduled for shipment in February and installation beginning March 2023.
  • Financial Performance:
    • Bitcoin Mined: Q2 saw a decline to 722 bitcoins from 780 bitcoins in Q1, attributed to increasing global hash rate and greater network difficulty.
    • Revenue: Q2 Bitcoin mining revenue was $13.8 million (down from $16.2 million in Q1).
    • Operating Costs: Increased from $14.6 million in Q1 to $16.7 million in Q2, primarily due to higher electricity and operational costs from newly commissioned sites.
    • Electricity Cost per Bitcoin: Rose from $8.4k in Q1 to $10.2k in Q2, due to unutilized power capacity and a higher global hash rate.
    • Adjusted Electricity Cost: Normalized at $9.5k per Bitcoin after adjusting for excess demand charges.

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Operator: Greetings. Welcome to Iris Energy Second Quarter Results Conference Call. At this time, all participants are in a listen only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Lincoln Tan. You may begin. Lincoln Tan: Thank you. Good afternoon for those of you in North America and good morning for those of you in Australia and welcome to the Iris Energy second quarter FY 2023 results presentation. My name is Lincoln Tan, Senior Manager of Investor Relations. And with me on the call today are Daniel Roberts, Co-Founder and Co-CEO; and Belinda Nucifora, CFO. Before we begin, please note, this call is being webcast live with an accompanying presentation. For those that have dialed by a phone, you can elect to ask a question by the moderator after our presentation. I would like to remind you that certain statements that we make during the conference call may constitute forward-looking statements. And Irish Energy cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements. Please refer to the disclaimer on Slide 2 within the accompanying presentation. Thank you. And I will now turn the call over to

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