The shares of Iris Energy Limited (NASDAQ: IREN) exhibited a notable uptick, reaching a pinnacle of 5.36% and settling at $6.10 in the pre-market session today. During the preceding session, Iris Energy’s stock demonstrated a substantial surge, culminating in a 12.43% gain to close at $5.79. The ascent of IREN stock, despite the absence of immediate news, underscores the importance of recent developments in elucidating the company’s potential trajectory.
Iris Energy (IREN) recently disseminated key updates pertaining to its business operations. A comprehensive project development update ensued subsequent to the formalization of a connection agreement. Noteworthy details were shared concerning the remittance of an initial connection deposit in conjunction with a novel 1,400MW data center development initiative in West Texas, targeting diverse data center computing applications.
The project’s land is secured through exclusive purchase options, with the anticipated utility connection becoming operational in late 2026. This strategic venture aligns with the company’s overarching goal of securing sites with substantial electrical capacity in regions characterized by surplus renewable energy generation. In tandem with the 2,160MW of power capacity already announced by IREN, ongoing developmental efforts are underway across additional locations in Canada, the USA, and the Asia-Pacific region.
These endeavors have the potential to contribute to an additional aggregate capacity exceeding 1,000MW. For the month of November, Iris Energy’s average operating hashrate stood at 5,551 PH/s, a marginal decrease from the October figure of 5,571 PH/s. Notably, IREN reported a surge in revenue, totaling $13.7 million, surpassing the $11.2 million recorded in October. This upswing was attributed to a higher average realized price per Bitcoin mined.
The reduction in Bitcoin mined was primarily a result of fewer days in November and an elevation in network difficulty. However, this was mitigated by the advantageous impact of higher network transaction fees. The electricity costs per Bitcoin mined remained relatively stable, with IREN maintaining the flexibility to curtail future power costs by adjusting miner output in response to shifts in mining economics.
