Iris Energy to Expand Mining Capacity to 30 EH/s by End of 2024

Iris Energy is rapidly expanding its mining capacity. As of September 2024, the company’s capacity stands at 18.8 EH/s, but it plans to grow to 30 EH/s by the end of the year thanks to new investments in hardware. This significant capacity increase will allow the company to better compete in the growing Bitcoin network, where the hashrate continues to rise steadily.

Additionally, Iris Energy expects substantial revenue growth from its AI cloud services, which are projected to account for about 10% of the company’s total earnings by the end of 2024. To support this initiative, the company has purchased 1,080 of the latest NVIDIA H200 GPUs.