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Iris Energy hails record revenue in FY23

Iris Energy Limited (NASDAQ:IREN) CEO Dan Roberts tells Proactive the company has returned record revenue for its 2023 financial year as it increased its operating hashrate and mined more bitcoin. The sustainable bitcoin mining company posted a 28% increase in revenue to $75.5 million for the 12 months ended June 30, up from $59 million a year earlier, noting that the increase came despite a decrease in the average price of bitcoin. Bitcoin mined surged 133% to a record 3,259, primarily driven by growth in operating hashrate.

“FY23 was a transformational year for Iris Energy”, Roberts said in a statement.

“We increased our operating hashrate to 5.6 EH/s but importantly also expanded our power capacity to an industry-leading 760MW, thereby activating an expansion pathway to 30 EH/s. We also remain excited by our next-gen compute and generative AI strategy, providing an additional potential growth area for the company.”

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