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Iris Energy Aims for $1B Revenue with Sustainable Mining

7/3/2025

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Summary

Story summary

Iris Energy Ltd., established in 2018 in Sydney, specializes in sustainable Bitcoin mining and AI cloud services.
The company operates entirely on renewable energy, targeting a hash rate of 50 EH/s by mid-2025, with projected annual revenue of nearly $1 billion.
In May 2025, Iris reported $64.7 million in Bitcoin mining revenue and $28 million from AI services, with hardware profit margins over 70%.
Iris plans to become a U.S. domestic issuer in July 2025, attracting institutional investors.
The company is expanding its data center infrastructure, including the Horizon 1 facility in Texas, launching in Q4 2025.

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Story summary

Iris Energy Ltd., established in 2018 in Sydney, specializes in sustainable Bitcoin mining and AI cloud services.
The company operates entirely on renewable energy, targeting a hash rate of 50 EH/s by mid-2025, with projected annual revenue of nearly $1 billion.
In May 2025, Iris reported $64.7 million in Bitcoin mining revenue and $28 million from AI services, with hardware profit margins over 70%.
Iris plans to become a U.S. domestic issuer in July 2025, attracting institutional investors.
The company is expanding its data center infrastructure, including the Horizon 1 facility in Texas, launching in Q4 2025.