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Iris Energy’s 160MW of Data Center Capacity in British

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SYDNEY, AUSTRALIA, December 23, 2022 (GLOBE NEWSWIRE) — Iris Energy Limited (Nasdaq: Airen) (“Iris Energy” or the “Company”) is the owner and operator of a highly efficient institutional grade Bitcoin mining data center powered by 100% renewable energy, and today announced that its 160MW of data Center capacity is a recent announcement by the British Columbia government.

On December 21, 2022, the Government of British Columbia announced that it will temporarily suspend new and early-stage BC Hydro connection requests from cryptocurrency mining projects for 18 months due to unprecedented interest.1.

According to the release, operational cryptocurrency mining projects and a small number of projects well advanced in the process of connecting BC Hydro are unaffected.

As a result, our 160MW data center capacity at Canal Flats (30MW), Prince George (50MW) and Mackenzie (80MW) will be unaffected.

Iris Energy looks forward to continuing to work with BC Hydro and the local community regarding the existing data center and additional development projects we may pursue in the future. In parallel, construction of his first 20MW data center at his 600MW project in Childress, Texas is well underway, with development work progressing across a globally diverse pipeline of future sites. .

About Iris Energy

Iris Energy is a sustainable Bitcoin mining company supporting the decarbonization of energy markets and the global Bitcoin network.

  • 100% renewable energy: Iris Energy targets markets where there is low cost, underutilized renewable energy and where we can support local communities.
  • Long-term security for infrastructure, land and power supplies: Iris Energy builds, owns and operates electrical infrastructure and its own data centers to provide long-term security and operational control over assets.
  • Veteran management team: The Iris Energy team has an impressive track record of success across energy, infrastructure, renewable energy, finance, digital assets and data centers, having delivered over $25 billion in energy and infrastructure projects worldwide. have cumulative experience.

Forward-Looking Statements

This Investor Update contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or future financial or operating results of Iris Energy. For example, forward-looking statements include our anticipated power and operating capacity and the impact of any default and/or accelerated payments under limited redemption equipment financing agreements on our special purpose vehicles. including but not limited to. In some cases, “expect,” “believe,” “could,” “could,” “should,” “could,” “could,” plan, may, project, effort, budget, forecast, forecast, intention, goal, will, estimate, forecast, “may,” “continue,” “will,” or the negative of these terms, variations thereof, or similar terms, but the absence of these terms does not make the statements forward-looking; It doesn’t mean Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There is a possibility. In addition, statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including underlying assumptions, are forward-looking.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but are known and unknown risks that could cause Iris Energy’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the Forward. are subject to risks, uncertainties and other important factors. This includes but is not limited to: Power outages, limited power supplies, or increased power bills. Long-term suspension or restriction of Internet connectivity on Iris Energy sites. Severe failure of major electrical or data center equipment. A series of deficiencies or inadequacies in Iris Energy equipment. Supplier defaults under related supply agreements for already procured equipment that could delay Iris Energy’s expansion plans. Supply chain and logistics issues for Iris Energy or Iris Energy’s suppliers. Withdraw or withdraw required operations and other permissions and licenses. The usual risks in developing greenfield infrastructure projects. Iris Energy’s evolving business model and strategy. Iris Energy’s ability to successfully manage its growth. Iris Energy’s ability to raise additional funding in a timely or non-timely manner (due to market conditions, Iris Energy’s financial situation or otherwise); hardware purchase agreement with Bitmain) and our growth plans. Damages, claims for certain performance, or other claims against Iris Energy may arise if Iris Energy fails to timely make certain payments under any of its hardware purchase agreements with Bitmain. , either of which is wholly or part of an advance or security deposit made under the relevant contract, or part of any other liability in respect of the relevant contract, to which Iris Energy has paid a certain discount under the relevant contract. You may not receive it, or you may not receive the associated hardware at all, either of which may be to your disadvantage. Affects business, business expansion plans, financial condition, cash flow and results of operations. Iris Energy’s wholly-owned special purpose entity has made required principal and/or interest payments under limited recourse equipment financing agreements when due or in compliance with the terms thereof; Principal of each loan that, as a result of default, the lender declares full under its terms must be paid immediately, and although we cannot guarantee what action will be taken, such lenders may We expect to take steps to enforce the obligations and rights of Bitcoin miners with respect to matters. such loans (and potentially all such loans) and other assets that secure such loans; This could result in the loss of the associated Bitcoin miners securing such loans, significantly reducing our ability to operate, and possibly leading to bankruptcy or liquidation of the associated special loans. Purpose Vehicles and material and adverse effects on our business, business expansion plans, financial condition, cash flow and operational results. Terms of additional funding, refinancing, restructuring or changing the terms of existing funding. Either this would be disadvantageous or Iris Energy would be required to comply with more onerous contracts or restrictions, either of which could limit and adversely affect its business operations. its financial position, cash flows and results of operations; competition; bitcoin price, global hashrate, market value of bitcoin miners; Any of these could adversely affect our financial condition, cash flows, results of operations and our ability to raise additional capital and wholly-owned special purpose entities. Payment of required principal and/or interest on equipment financing facilities. Risks associated with health pandemics, including COVID-19. Digital Asset Regulatory Changes; under the caption “Risk Factors” in Iris Energy’s Annual Report on Form 20-F for the fiscal year ended June 30, 2022 filed with the SEC on September 13, 2022. Other important factors explained below. Times for other filings with the SEC can be accessed on the SEC’s website at www.sec.gov and on the Investor Relations section of Iris Energy’s website. https://investors.irisenergy.co.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this Investor Update. Any forward-looking statements made by Iris Energy in this Investor Update are made only as of the date of such statements. Except as required by law, Iris Energy undertakes no obligation to update or revise any forward-looking statements, or to publicly announce any updates or revisions, whether as a result of new information, future events or otherwise. deny.

contact address

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1 See the December 21, 2022 British Columbia Department of Energy, Mines and Low Carbon Innovation press release, “Electrical connectivity for cryptocurrency mining suspended in province.”

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