Iris Power Restricted (dba IREN) (IREN) (along with its subsidiaries, “IREN” or the “Firm”), a number one next-generation knowledge heart enterprise powering the way forward for Bitcoin, AI and past, immediately introduced a enterprise replace. supplied.

IREN is happy to offer an replace on its growth to twenty EH/s in 2024.

• First half of 2024 (10 EH/s):
  • Working hashrate elevated to 7 EH/s
  • The remaining 3 EH/s are scheduled to enter service by the primary half of 2024
• Second half of 2024 (20 EH/s):
  • New Bitmain T21 miner 10 EH/s1 secured through fastened value contract
  • Increasing present Childress knowledge heart to 200MW

About IREN

IREN is a number one next-generation knowledge heart enterprise powered by 100% renewable vitality to energy the way forward for Bitcoin, AI, and extra.

• Bitcoin mining: Offers safety for the Bitcoin community and scales to twenty EH/s in 2024. Operational since 2019.
• AI Cloud Companies: Ship cloud computing to AI prospects and scale to 816 NVIDIA H100 GPUs. Operation will start in 2024.
• Subsequent-generation knowledge heart: 220 MW of knowledge facilities in operation, increasing to 460 MW by 2024. Infrastructure particularly designed and purpose-built for high-performance, power-dense computing purposes.
• Know-how: AI cloud companies, Bitcoin mining, and a know-how stack to optimize the efficiency of your vitality buying and selling operations.
• Improvement Portfolio: 2,160MW of secured energy capability throughout North America, an actual property portfolio of over 1,000 acres, and an extra growth pipeline.
• 100% Renewable Power: Goal websites that use low-cost, underutilized renewable vitality to assist the ability grid and native communities.

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Ahead-looking statements

This press launch accommodates “forward-looking statements” inside the which means of the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements typically relate to future occasions or IREN's future monetary or working efficiency. For instance, forward-looking statements embrace, however aren’t restricted to, our enterprise technique, anticipated working and monetary outcomes, and anticipated energy capability and hash price will increase. In some circumstances, the phrases “anticipate”, “assume”, “might”, “may”, “ought to”, “may”, “would possibly”, “plan”, “may” You may determine forward-looking statements by phrases reminiscent of “might”, “might” and “may”. “Plan”, “Effort”, “Price range”, “Forecast”, “Expectation”, “Intention”, “Objective”, “Plan”, “Estimate”, “Forecast”, “Chance”, “Proceed”, however , the absence of those phrases doesn’t imply that the assertion shouldn’t be forward-looking. Such forward-looking statements are topic to dangers, uncertainties and different elements that would trigger precise outcomes to vary materially from these expressed or implied by such forward-looking statements. there’s. Moreover, statements and data, together with underlying assumptions, that seek advice from expectations, beliefs, plans, projections, aims, efficiency or different characterizations of future occasions or circumstances are forward-looking.

These forward-looking statements are primarily based on administration's present expectations and beliefs. These statements are neither guarantees nor ensures, however are topic to recognized and unknown dangers, uncertainties, and future efficiency, whether or not IREN's precise outcomes, efficiency, or achievements are expressed or implied by the forward-looking statements; and different vital elements which will trigger efficiency or outcomes to vary materially. together with, however not restricted to: fluctuations in Bitcoin costs and overseas change charges; IREN's means to acquire further capital on commercially affordable phrases on a well timed foundation to fulfill its capital wants and facilitate its growth plans; future mortgage phrases or refinancing, restructuring or modification of future mortgage phrases; This may increasingly require IREN to adjust to burdensome covenants and restrictions and its means to service its debt obligations. IREN's means to efficiently execute its progress technique and operational plans, together with its means to proceed to develop its present knowledge heart websites and diversify into the marketplace for excessive efficiency computing (“HPC”) options; IREN has restricted expertise with new markets that it has entered or might search to enter, together with the HPC options market. expectations concerning the continued profitability, viability, operability, safety, recognition and public notion of the Bitcoin community; expectations concerning the profitability, viability, usability, safety, recognition and public notion of HPC options provided by IREN; IREN's means to safe and retain prospects on commercially affordable phrases or in any respect, notably in reference to its growth technique into HPC options; IREN has restricted expertise with new markets that it has entered or might search to enter, together with the HPC options market. expectations concerning the continued profitability, viability, operability, safety, recognition and public notion of the Bitcoin community; expectations concerning the profitability, viability, usability, safety, recognition and public notion of HPC options provided by IREN; IREN's means to safe and retain prospects on commercially affordable phrases or in any respect, notably in reference to its growth technique into HPC options; IREN's means to handle counterparty threat (together with credit score threat) related to present or potential prospects and different counterparties; IREN's means to safe renewable vitality, renewable vitality certificates, energy capability, amenities and websites on commercially affordable phrases or in any respect; the danger that present or future prospects or counterparties might terminate contracts, default or default on their contractual obligations; Fluctuations in Bitcoin's international hash price. delays associated to customary approvals, grid connections and different growth actions for greenfield or brownfield infrastructure tasks, or failure to acquire or full permits; our dependence on energy corporations, third-party mining swimming pools, exchanges, banks and insurance coverage corporations and our means to keep up relationships with such events; Expectations concerning electrical energy availability and value. IREN's participation and talent to efficiently take part in demand response services and products and different load administration packages operated, operated or supplied by energy grid operators, regulators or energy market operators; the supply, reliability and/or price of energy provides, {hardware} and electrical and knowledge heart infrastructure; This consists of legal guidelines and laws which will restrict energy outages and the ability provide out there to IREN. The distinction between the precise working efficiency of IREN's {hardware} achieved in comparison with nameplate efficiency, together with hashrate. IREN's means to scale back energy consumption or monetize energy in response to market circumstances, reminiscent of Bitcoin mining economics and normal energy value modifications; actions taken by grid and market operators, regulators, governments or communities within the areas through which IREN operates; the supply, suitability, reliability and price of Web connectivity at IREN's amenities; our means to safe further {hardware}, together with {hardware} for Bitcoin mining and HPC options provided by IREN, on commercially affordable phrases or in any respect, and any delays or reductions within the provide of such {hardware}; elevated procurement prices for such {hardware}; expectations concerning the helpful life and obsolescence of {hardware}, together with {hardware} for Bitcoin mining and different purposes, together with HPC options provided by IREN; delays within the provide, will increase in prices, or reductions in tools utilized in IREN's operations; IREN's means to function in an evolving regulatory setting; IREN's means to correctly function and preserve its property and infrastructure; In contrast the reliability and efficiency of IREN's infrastructure to expectations. malicious assaults on IREN's belongings, infrastructure, or IT techniques; the flexibility to keep up in good standing working permits and different permits and licenses crucial for IREN's operations and enterprise; IREN's means to acquire, preserve, shield and implement mental property rights and different confidential info; whether or not the long-term developments that IREN expects to drive enterprise progress will materialize as anticipated or in any respect; the prevalence of environmental, well being and security incidents at IREN's websites and materials prices associated to environmental, well being and security necessities or legal responsibility; harm to our property and infrastructure and the danger that insurance coverage held by IREN might not absolutely cowl all potential exposures; Ongoing proceedings regarding defaults below the Restricted Recourse Facility Financing Facility by two wholly owned particular function autos of IREN. ongoing securities litigation associated partially to defaults; future litigation, claims and/or regulatory investigations, and the prices, bills, use of assets, diversion of administration effort and time, legal responsibility and damages which will consequence therefrom; failure to adjust to any legal guidelines, together with anti-corruption legal guidelines of the USA and varied worldwide jurisdictions; failure to adjust to our compliance and threat administration practices; all legal guidelines, laws and moral requirements that could be related to IREN's enterprise; This consists of legal guidelines, laws and moral requirements associated to Bitcoin and the Bitcoin mining trade, in addition to these associated to different options we provide (reminiscent of HPC options), together with laws associated to knowledge privateness. Masu. Cybersecurity and Info Storage, Use, or Processing. Mental Property Infringement and Product Legal responsibility Claims. our means to draw, encourage and retain senior administration and gifted staff; elevated dangers to our international operations, together with, however not restricted to, political instability, acts of terrorism, theft and vandalism, cyber-attacks and different cybersecurity incidents, and unanticipated modifications in laws and financial sanctions; local weather change, extreme climate circumstances, pure and man-made disasters that would have a cloth hostile impact on our enterprise, monetary situation and outcomes of operations; the continued results of the coronavirus illness (COVID-19) or different infectious illness outbreaks and governmental or trade actions taken in response; our means to stay aggressive in a dynamic and quickly evolving trade; hurt to our model and status; Expectations concerning environmental, social and governance points or reporting. The price of changing into a public firm. and different vital elements mentioned below the caption “Threat Components” in IREN's Annual Report on Kind 20-F filed with the SEC on September 13, 2023, in different filings with the SEC. The doc could also be up to date on occasion. SEC web site www.sec.gov and the Investor Info part of IREN's web site. https://traders.iren.com.

These and different vital elements may trigger precise outcomes to vary materially from these indicated within the forward-looking statements contained on this press launch. The forward-looking statements made by IREN on this press launch converse solely as of the date of such statements. Besides as required by legislation, IREN undertakes no obligation to replace or revise any forward-looking statements, whether or not because of new info, future occasions or in any other case, or to publicly replace or revise any forward-looking statements. We aren’t obligated to take action.

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Consists of 9 EH/s of 1 T21 miner and an extra miner buy choice of 1 EH/s by Bitmain. Selections concerning the growth of Childress and the train of some or all the minor buy choices are anticipated to be made throughout 2024, bearing in mind market circumstances, shareholder worth and financing availability. As well as, we retain the flexibleness to make the most of minor buy choices for the aim of upgrading some or all of our present fleet.

Supply: Iris Power Co., Ltd.