Bitcoin Mining Centers Owned by Iris Energy Not Impacted by Govt of British Columbia Announcement

Iris Energy Limited (NASDAQ: IREN), an owner and operator of institutional-grade, highly efficient Bitcoin mining data centers powered by 100% renewable energy, recently announced that its 160MW of data center capacity is “not affected by the recent announcement by the Government of British Columbia.”

On December 21, 2022, the Government of British Columbia announced “a temporary 18-month suspension on new and early stage BC Hydro connection requests from cryptocurrency mining projects due to unprecedented interest.”

According to the release, cryptocurrency mining projects “that are operational, and a small number of projects that are well advanced in BC Hydro’s connection process, will not be affected.”

As a result, the company’s 160MW of data center capacity “at Canal Flats (30MW), Prince George (50MW) and Mackenzie (80MW) is unaffected.”

Iris Energy is now looking forward “to continuing to work with BC Hydro and local communities in respect of its existing data centers and any additional development projects the Company may pursue in the future.”

In parallel, construction of the first 20MW data center “at its 600MW project in Childress, Texas remains on track, with the company continuing to progress development works across its globally diversified pipeline of future sites.”

As noted in the update, Iris Energy is “a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.”

100% renewables: Iris Energy targets markets “with low-cost, under-utilized renewable energy, and where the Company can support local communities”

Long-term security over infrastructure, land and power supply: Iris Energy “builds, owns and operates its electrical infrastructure and proprietary data centers, providing long-term security and operational control over its assets.”

Seasoned management team: Iris Energy’s team “has an impressive track record of success across energy, infrastructure, renewables, finance, digital assets and data centers with cumulative experience in delivering >$25bn in energy and infrastructure projects globally.”

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