Iris Energy Expands Texas Data Center Amidst Bitcoin Mining Challenges

Iris Energy Limited has announced an expansion of its Texas data center, increasing capacity from 600 megawatts (MW) to 750 MW. This expansion follows approval from the Electric Reliability Council of Texas (ERCOT) and an amended interconnection agreement with American Electric Power (AEP), according to Bitcoin.com.

The additional 150 MW brings Iris Energy’s total secured capacity to 2,310 MW. The company plans to use 910 MW for data centers by 2024, expanding to 1,400 MW by 2026, with further growth exceeding 1 gigawatt (GW) by 2030. Iris Energy uses renewable energy sources for its data centers, which support both Bitcoin mining and artificial intelligence (AI) cloud computing services.

This announcement comes during a tough period for Bitcoin miners, as the network’s hashrate remained low for several months following the recent halving. Like many competitors, Iris Energy has incorporated AI cloud computing into its service offerings. Despite these efforts, the company’s stock (IREN) has dropped 3% over the past five days and more than 10% over the past month.

Operating since 2019, Iris Energy manages over 1,000 acres of land in North America. The expansion at the Childress site signifies the company’s commitment to growth and sustainability in the Bitcoin mining industry, especially amid fluctuating market conditions and technological advancements.