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Cory Bertrim Jr.

@BertrimFin

My views do not reflect that of my employer. Financial Advisor / Philomath ๐Ÿ‡จ๐Ÿ‡ฆ
Toronto, Ontario, CA
Joined March 2021
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Cory Bertrim Jr. @BertrimFin
$IREN (Formerly known as Iris Energy Limited) Q1-24 Deep Dive: Sankey, Hashcosts, Portfolio & Expansion, Company Overview & Projection, TradFi & Cloud Services, Mining Operations, Childress Satellite Update & More. July 1st, 2024 Hello everyone!๐Ÿ™‚ Below, I've prepared an in-depth analysis of @IREN_Ltd covering its operations in their entirety and expansive future business prospects. Please review the replies following the Sankey diagram, I've compiled an extensive expansion document addressing many frequently asked questions and concerns, which I hope will serve as a valuable reference. Note: To view the images in high-quality please right click and select open image in new tab. If you find this data useful or interesting, please consider RT/liking/following. I greatly appreciate it, and it helps me a ton. ๐Ÿ™๐Ÿผ๐Ÿ™Œ๐Ÿผ P.S. Apologies for my absence; I've been incredibly busy and haven't had the time to focus on research for extended periods. Over the past month, I've graduated from college, applied to universities, moved, and started a new job. However, my schedule is beginning to stabilize, and I'm now able to spend the time I need on these pieces. ---------- Diving In๐Ÿ’ฅ Company Overview & Projection IREN is debt-free and currently operates 260 megawatts (MW), supporting a hashrate of 10 EH/s at 25 J/TH. By H1 Q3 2024, IREN is projected to achieve 20 EH/s at 17 J/TH, expanding further to 510 MW and 30 EH/s at 16 J/TH by Q4 2024, positioning them as one of the largest and most efficient public miners in the industry. By 2025, IREN's fleet is expected to reach 40 EH/s at 15 J/TH, utilizing approximately 760 MW for Bitcoin mining. Their expansion to 20 EH/s will cost โ‰ˆ$301 million and is currently fully funded with $425.3 million in cash reserves, while the 30 EH/s and 40 EH/s expansions will utilize a mix of cash reserves, future profits, ATM proceeds, or other funding sources. By late 2026 to early 2027, IREN plans to have over 2,400 MW available for colocation deals, joint ventures, and build-to-suit data centers, as well as for expanding their existing GPU fleet. In total the company aims to exceed 3,160 MW in sustainable energy, primarily focusing on Texas, where energy rates averaged $0.033 per kWh in Q1 2024โ€”significantly lower than the $0.045 per kWh at their BC facilities. Projection Recent contracts and business operations in the high-performance computing (HPC) sector have valued purpose-built, energy-dense infrastructure between approximately โ‰ˆ$1-1.45 million per MW annually. Enabling IREN to generate $2.4 to $3.48 billion in gross revenue from their remaining 2,400 MW. Coupled with an estimated $761 million in revenue from mining operations in 2025, IREN's diversified revenue streams could potentially reach between $3.161 and $4.241 billion by 2027. It's important to note that this is just one scenario; IREN has multiple verticals to leverage, as BTC mining is highly compatible with various other in-demand opportunities. This projection also does not consider substantial increases in Bitcoin price over the next 2.5 years or the possibility of rising contract values as competition for AI and HPC infrastructure intensifies. Additionally, the market's commitment to ESG principles significantly enhances the value proposition of green compute infrastructure powered entirely by renewable energy. 2025 Mining Revenue Data Points H1 2025, $319M: 850 EH/s Network w/30 EH/s @ 16 J/TH, 100k BTC H2 2025, $442M: 900 EH/s Network, w/40 EH/s @ 15 J/TH, 110k BTC ---------- TradFi & Cloud Services @MorganStanley valued access to power at $5-$12 per watt; based on this, IREN's future portfolio would be valued between $15.8 billion and $37.92 billion. While @jpmorgan recently stated that "Iris Energy (IREN) is best positioned to take advantage of the growing HPC/AI opportunity." Cloud Services: At present, IREN's Cloud Services business will generate $14 million to $17 million annually utilizing 816 NVIDIA H100 GPUs, with 504 GPUs currently contracted with Poolside AI (3 month + 3 month option) and servicing the on-demand market, however, this should grow rapidly as revenue for the segment has grown by 118.63% from March-May 2024. @poolsideai a Paris-based generative AI company, is raising $400 million at a $2 billion valuation, backed by Bain Capital Ventures and DST. Focused on accelerating software development, Poolside's experienced team enhances IREN's cloud services potential, validating IREN's capabilities and linking them with a promising AI startup. ---------- Energy Infrastructure and Mining Operations Current Energy Infrastructure British Columbia Sites Canal Flats: 10 acres, 30 MW (0.9 EH/s), dual physical fiber paths, 20 full-time jobs, includes in-house fabrication facility. Mackenzie: 11 acres, 80 MW (2.7 EH/s), BC Hydro transmission network, 15 full-time jobs. Prince George: 12 acres, 50 MW (1.6 EH/s), dual physical fiber paths, over 20 full-time jobs, leased for 50 years with an option to purchase. Texas Sites: Childress: 600 MW capacity (4.8 EH/s), 100 MW operational, expansion to 350 MW planned for 2024 with 250 MW immediately available. West Texas Site: 1400 MW capacity, scheduled for completion in 2026. Additional Pipeline: >1000 MW capacity, TBA. Note: Located 250 miles northwest of Dallas, the Childress site supports flexible energy consumption in the West Texas Load Zone. The region has 37GW of renewable energy but only 18.5GW of transmission capacity, often limited to 12GW due to technical constraints. IREN's strategic advantage lies in its immediate access to low-cost power and an expansive land portfolio (>1000 acres), both highly valued. Their ongoing investments in site expansion also aim to unlock further value from these assets. ---------- Operations & Expansion Summary Current Operations Childress Phase 1, TX: 100 MW, 4.8 EH/s, Operating Total: 260 MW, 10 EH/s @ 25 J/TH, Operating Near-Term Expansion Q3 2024: Fleet Upgrade (+4 EH/s) and Childress Phase 2 (+100 MW, +6 EH/s; fully funded) Q4 2024: Childress Phase 3 (+150 MW, +10 EH/s; fully funded). Total: 510 MW, 30 EH/s @ 16 J/TH Future Developments H1 2025: Childress Phases 4-6 (+250 MW, +40 EH/s @ 15 J/TH) Late 2026: Development Site, TX (1,400 MW) TBA 2027: Additional Pipeline (>1,000 MW) Total Future Portfolio >3,160 MW @ $0.035/kWh, >40 EH/s @ <15 J/TH ---------- Regulatory Approvals and Network Upgrades ERCOT Approval: Both Texas sites have obtained ERCOT approval. Childress Connection: Complete, with substation infrastructure ready to support the full 600 MW capacity. 1,400 MW Site: Load studies completed as per LFL interconnection requirements. Network Upgrades: Required upgrades for the British Columbia (160 MW) and Childress, Texas (600 MW) sites have already been delivered. For the 1,400 MW Texas site, upgrades are to be completed by 2026. ---------- Childress Expansion Timeline Satellite Imagery in Subsequent Message Recent satellite images confirm that construction at IREN's Childress site follows a phased schedule, with approximately 20 days between the initiation of each building phase. As of May 16, 2024, Phase 2 indicated foundations laid for three buildings, while no work had commenced on the fourth. By June 18, 2024, excavation for the fourth building's foundation was completed, and concrete pouring was more than halfway finished. Trenching and conduits are already being installed for the 10th building, and grading for the rest of Block 3 is ongoing despite some rain, with the construction team efficiently handling the heavy equipment. June 27, 2024 the foundation for the 9th building was scheduled to be completed, but rain caused delays, and completion is now expected June 28. The 6th, 7th, and 8th buildings are at various stages, with progress in metallic structure, cladding, fans, electrical switchgear, and electrical distribution. The substation is nearing completion, with the commissioning team set to begin work soon, aiming for a July energization. Historically, building completion from foundation to final structure, including electrical and fan installations, averages โ‰ˆ90 days. Overall, all four buildings in Phase 2 are projected to finish by late September/October, allowing IREN to scale up to 30 EH/s @16 J/TH by year-end and add an additional 250 MW for colocation deals, joint ventures, build to-suit data centers, or expansion of their existing GPU fleet. ---------- Bitcoin Mining Operations Mining KPI Overview (Jan 2024 - May 2024) Total BTC Generated: 1,592 BTC Total BTC Sold: 1,592 BTC (100% of production) Average Production per Day: 10.49 BTC/day Average Operating Hashrate: 7.44 EH/s Current Average Operating Hashrate: 9.41 EH/s Average Monthly Mining Revenue: $18,430,600 Average Monthly Electricity Expense: $6,991,600 Average Monthly Mining Gross Profit: $11,439,000 AI Cloud Services Revenue: $1,881,000 AI Cloud Services Revenue Growth (Mar-May 2024): 118.63% ---------- Bitmain Contract Summary IREN has secured several hardware agreements for the latest-generation miners from Bitmain. Existing Agreements: These provide a hashrate of 5 EH/s with an efficiency of 19 J/TH. Amended Option Agreement: IREN can purchase either 48,000 T21 miners (providing 9 EH/s at 19 J/TH) or 48,000 S21 Pro miners (providing 11 EH/s at 15 J/TH). Pricing is $14/TH for the T21 and $18.9/TH for the S21 Pro, with option expiry dates in September 2024 and March 2025, respectively. New Purchase Agreement: This covers 51,480 S21 Pro miners, delivering an additional 12 EH/s at 15 J/TH. Pricing is $15.1/TH, with an additional deferred payment of $3.8/TH due nine months after delivery. New Option Agreement: IREN also has an option for another 51,480 S21 Pro miners, providing 12 EH/s at 15 J/TH, priced at $18.9/TH with an option expiry date in May 2025. In total, IREN's contracts with Bitmain will provide a combined hashrate of 40 EH/s with a nameplate efficiency of 15 J/TH. ---------- Additional Notes, Digital Currency Security, Pool, & Liquidation, Technology Stack Note: Mined Bitcoin is stored in a cold storage wallet managed by NYDIG Trust Company LLC. The company utilizes Foundry Digital LLCโ€™s mining pool. Daily and weekly Bitcoin sales are managed by NYDIG under an execution agreement. Note: IREN facilities utilize an in-house technology stack to optimize the performance of AI cloud services, Bitcoin mining, and energy trading operations. Note: IREN has consistently liquidated their Bitcoin daily and does not HODL, instead preferring to utilize cash instead of dilution. ---------- $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM @mikealfred @cazenove_uk @Charge_Stack @Umbisam @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 @penny_ether @McnallieM @Futur3_Th1nk3r @IREN_Ltd ---------- Congrats @danroberts0101 and Will Roberts, as-well as your team @IREN_Ltd on the incredible progress made thus far. I'm looking forward to 2027 and beyond. ๐Ÿ‘Š๐Ÿผ๐Ÿ™Œ๐Ÿผ
BertrimFin's tweet photo. $IREN (Formerly known as Iris Energy Limited) Q1-24 Deep Dive: Sankey, Hashcosts, Portfolio & Expansion, Company Overview & Projection, TradFi & Cloud Services, Mining Operations, Childress Satellite Update & More. July 1st, 2024 Hello everyone!๐Ÿ™‚ Below, I've prepared an in-depth analysis of @IREN_Ltd covering its operations in their entirety and expansive future business prospects. Please review the replies following the Sankey diagram, I've compiled an extensive expansion document addressing many frequently asked questions and concerns, which I hope will serve as a valuable reference. Note: To view the images in high-quality please right click and select open image in new tab. If you find this data useful or interesting, please consider RT/liking/following. I greatly appreciate it, and it helps me a ton. ๐Ÿ™๐Ÿผ๐Ÿ™Œ๐Ÿผ P.S. Apologies for my absence; I've been incredibly busy and haven't had the time to focus on research for extended periods. Over the past month, I've graduated from college, applied to universities, moved, and started a new job. However, my schedule is beginning to stabilize, and I'm now able to spend the time I need on these pieces. ---------- Diving In๐Ÿ’ฅ Company Overview & Projection IREN is debt-free and currently operates 260 megawatts (MW), supporting a hashrate of 10 EH/s at 25 J/TH. By H1 Q3 2024, IREN is projected to achieve 20 EH/s at 17 J/TH, expanding further to 510 MW and 30 EH/s at 16 J/TH by Q4 2024, positioning them as one of the largest and most efficient public miners in the industry. By 2025, IREN's fleet is expected to reach 40 EH/s at 15 J/TH, utilizing approximately 760 MW for Bitcoin mining. Their expansion to 20 EH/s will cost โ‰ˆ$301 million and is currently fully funded with $425.3 million in cash reserves, while the 30 EH/s and 40 EH/s expansions will utilize a mix of cash reserves, future profits, ATM proceeds, or other funding sources. By late 2026 to early 2027, IREN plans to have over 2,400 MW available for colocation deals, joint ventures, and build-to-suit data centers, as well as for expanding their existing GPU fleet. In total the company aims to exceed 3,160 MW in sustainable energy, primarily focusing on Texas, where energy rates averaged $0.033 per kWh in Q1 2024โ€”significantly lower than the $0.045 per kWh at their BC facilities. Projection Recent contracts and business operations in the high-performance computing (HPC) sector have valued purpose-built, energy-dense infrastructure between approximately โ‰ˆ$1-1.45 million per MW annually. Enabling IREN to generate $2.4 to $3.48 billion in gross revenue from their remaining 2,400 MW. Coupled with an estimated $761 million in revenue from mining operations in 2025, IREN's diversified revenue streams could potentially reach between $3.161 and $4.241 billion by 2027. It's important to note that this is just one scenario; IREN has multiple verticals to leverage, as BTC mining is highly compatible with various other in-demand opportunities. This projection also does not consider substantial increases in Bitcoin price over the next 2.5 years or the possibility of rising contract values as competition for AI and HPC infrastructure intensifies. Additionally, the market's commitment to ESG principles significantly enhances the value proposition of green compute infrastructure powered entirely by renewable energy. 2025 Mining Revenue Data Points H1 2025, $319M: 850 EH/s Network w/30 EH/s @ 16 J/TH, 100k BTC H2 2025, $442M: 900 EH/s Network, w/40 EH/s @ 15 J/TH, 110k BTC ---------- TradFi & Cloud Services @MorganStanley valued access to power at $5-$12 per watt; based on this, IREN's future portfolio would be valued between $15.8 billion and $37.92 billion. While @jpmorgan recently stated that "Iris Energy (IREN) is best positioned to take advantage of the growing HPC/AI opportunity." Cloud Services: At present, IREN's Cloud Services business will generate $14 million to $17 million annually utilizing 816 NVIDIA H100 GPUs, with 504 GPUs currently contracted with Poolside AI (3 month + 3 month option) and servicing the on-demand market, however, this should grow rapidly as revenue for the segment has grown by 118.63% from March-May 2024. @poolsideai a Paris-based generative AI company, is raising $400 million at a $2 billion valuation, backed by Bain Capital Ventures and DST. Focused on accelerating software development, Poolside's experienced team enhances IREN's cloud services potential, validating IREN's capabilities and linking them with a promising AI startup. ---------- Energy Infrastructure and Mining Operations Current Energy Infrastructure British Columbia Sites Canal Flats: 10 acres, 30 MW (0.9 EH/s), dual physical fiber paths, 20 full-time jobs, includes in-house fabrication facility. Mackenzie: 11 acres, 80 MW (2.7 EH/s), BC Hydro transmission network, 15 full-time jobs. Prince George: 12 acres, 50 MW (1.6 EH/s), dual physical fiber paths, over 20 full-time jobs, leased for 50 years with an option to purchase. Texas Sites: Childress: 600 MW capacity (4.8 EH/s), 100 MW operational, expansion to 350 MW planned for 2024 with 250 MW immediately available. West Texas Site: 1400 MW capacity, scheduled for completion in 2026. Additional Pipeline: >1000 MW capacity, TBA. Note: Located 250 miles northwest of Dallas, the Childress site supports flexible energy consumption in the West Texas Load Zone. The region has 37GW of renewable energy but only 18.5GW of transmission capacity, often limited to 12GW due to technical constraints. IREN's strategic advantage lies in its immediate access to low-cost power and an expansive land portfolio (>1000 acres), both highly valued. Their ongoing investments in site expansion also aim to unlock further value from these assets. ---------- Operations & Expansion Summary Current Operations Childress Phase 1, TX: 100 MW, 4.8 EH/s, Operating Total: 260 MW, 10 EH/s @ 25 J/TH, Operating Near-Term Expansion Q3 2024: Fleet Upgrade (+4 EH/s) and Childress Phase 2 (+100 MW, +6 EH/s; fully funded) Q4 2024: Childress Phase 3 (+150 MW, +10 EH/s; fully funded). Total: 510 MW, 30 EH/s @ 16 J/TH Future Developments H1 2025: Childress Phases 4-6 (+250 MW, +40 EH/s @ 15 J/TH) Late 2026: Development Site, TX (1,400 MW) TBA 2027: Additional Pipeline (>1,000 MW) Total Future Portfolio >3,160 MW @ $0.035/kWh, >40 EH/s @ <15 J/TH ---------- Regulatory Approvals and Network Upgrades ERCOT Approval: Both Texas sites have obtained ERCOT approval. Childress Connection: Complete, with substation infrastructure ready to support the full 600 MW capacity. 1,400 MW Site: Load studies completed as per LFL interconnection requirements. Network Upgrades: Required upgrades for the British Columbia (160 MW) and Childress, Texas (600 MW) sites have already been delivered. For the 1,400 MW Texas site, upgrades are to be completed by 2026. ---------- Childress Expansion Timeline Satellite Imagery in Subsequent Message Recent satellite images confirm that construction at IREN's Childress site follows a phased schedule, with approximately 20 days between the initiation of each building phase. As of May 16, 2024, Phase 2 indicated foundations laid for three buildings, while no work had commenced on the fourth. By June 18, 2024, excavation for the fourth building's foundation was completed, and concrete pouring was more than halfway finished. Trenching and conduits are already being installed for the 10th building, and grading for the rest of Block 3 is ongoing despite some rain, with the construction team efficiently handling the heavy equipment. June 27, 2024 the foundation for the 9th building was scheduled to be completed, but rain caused delays, and completion is now expected June 28. The 6th, 7th, and 8th buildings are at various stages, with progress in metallic structure, cladding, fans, electrical switchgear, and electrical distribution. The substation is nearing completion, with the commissioning team set to begin work soon, aiming for a July energization. Historically, building completion from foundation to final structure, including electrical and fan installations, averages โ‰ˆ90 days. Overall, all four buildings in Phase 2 are projected to finish by late September/October, allowing IREN to scale up to 30 EH/s @16 J/TH by year-end and add an additional 250 MW for colocation deals, joint ventures, build to-suit data centers, or expansion of their existing GPU fleet. ---------- Bitcoin Mining Operations Mining KPI Overview (Jan 2024 - May 2024) Total BTC Generated: 1,592 BTC Total BTC Sold: 1,592 BTC (100% of production) Average Production per Day: 10.49 BTC/day Average Operating Hashrate: 7.44 EH/s Current Average Operating Hashrate: 9.41 EH/s Average Monthly Mining Revenue: $18,430,600 Average Monthly Electricity Expense: $6,991,600 Average Monthly Mining Gross Profit: $11,439,000 AI Cloud Services Revenue: $1,881,000 AI Cloud Services Revenue Growth (Mar-May 2024): 118.63% ---------- Bitmain Contract Summary IREN has secured several hardware agreements for the latest-generation miners from Bitmain. Existing Agreements: These provide a hashrate of 5 EH/s with an efficiency of 19 J/TH. Amended Option Agreement: IREN can purchase either 48,000 T21 miners (providing 9 EH/s at 19 J/TH) or 48,000 S21 Pro miners (providing 11 EH/s at 15 J/TH). Pricing is $14/TH for the T21 and $18.9/TH for the S21 Pro, with option expiry dates in September 2024 and March 2025, respectively. New Purchase Agreement: This covers 51,480 S21 Pro miners, delivering an additional 12 EH/s at 15 J/TH. Pricing is $15.1/TH, with an additional deferred payment of $3.8/TH due nine months after delivery. New Option Agreement: IREN also has an option for another 51,480 S21 Pro miners, providing 12 EH/s at 15 J/TH, priced at $18.9/TH with an option expiry date in May 2025. In total, IREN's contracts with Bitmain will provide a combined hashrate of 40 EH/s with a nameplate efficiency of 15 J/TH. ---------- Additional Notes, Digital Currency Security, Pool, & Liquidation, Technology Stack Note: Mined Bitcoin is stored in a cold storage wallet managed by NYDIG Trust Company LLC. The company utilizes Foundry Digital LLCโ€™s mining pool. Daily and weekly Bitcoin sales are managed by NYDIG under an execution agreement. Note: IREN facilities utilize an in-house technology stack to optimize the performance of AI cloud services, Bitcoin mining, and energy trading operations. Note: IREN has consistently liquidated their Bitcoin daily and does not HODL, instead preferring to utilize cash instead of dilution. ---------- $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM @mikealfred @cazenove_uk @Charge_Stack @Umbisam @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 @penny_ether @McnallieM @Futur3_Th1nk3r @IREN_Ltd ---------- Congrats @danroberts0101 and Will Roberts, as-well as your team @IREN_Ltd on the incredible progress made thus far. I'm looking forward to 2027 and beyond. ๐Ÿ‘Š๐Ÿผ๐Ÿ™Œ๐Ÿผ
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Cory Bertrim Jr. @BertrimFin
@Name_Is_Paul @theBTCMiningGuy The quality is also complete shit aside from some of their leather goods, far from worth the expense.
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Cory Bertrim Jr. @BertrimFin
@jtharrouch @MediocreMan14 Hello Jorge, Nope, nothing to install, everything I use is native excel.
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$IREN (Formerly known as Iris Energy Limited) Q1-24 Deep Dive: Sankey, Hashcosts, Portfolio & Expansion, Company Overview & Projection, TradFi & Cloud Services, Mining Operations, Childress Satellite Update & More. July 1st, 2024 Hello everyone!๐Ÿ™‚ Below, I've prepared an in-depth analysis of @IREN_Ltd covering its operations in their entirety and expansive future business prospects. Please review the replies following the Sankey diagram, I've compiled an extensive expansion document addressing many frequently asked questions and concerns, which I hope will serve as a valuable reference. Note: To view the images in high-quality please right click and select open image in new tab. If you find this data useful or interesting, please consider RT/liking/following. I greatly appreciate it, and it helps me a ton. ๐Ÿ™๐Ÿผ๐Ÿ™Œ๐Ÿผ P.S. Apologies for my absence; I've been incredibly busy and haven't had the time to focus on research for extended periods. Over the past month, I've graduated from college, applied to universities, moved, and started a new job. However, my schedule is beginning to stabilize, and I'm now able to spend the time I need on these pieces. ---------- Diving In๐Ÿ’ฅ Company Overview & Projection IREN is debt-free and currently operates 260 megawatts (MW), supporting a hashrate of 10 EH/s at 25 J/TH. By H1 Q3 2024, IREN is projected to achieve 20 EH/s at 17 J/TH, expanding further to 510 MW and 30 EH/s at 16 J/TH by Q4 2024, positioning them as one of the largest and most efficient public miners in the industry. By 2025, IREN's fleet is expected to reach 40 EH/s at 15 J/TH, utilizing approximately 760 MW for Bitcoin mining. Their expansion to 20 EH/s will cost โ‰ˆ$301 million and is currently fully funded with $425.3 million in cash reserves, while the 30 EH/s and 40 EH/s expansions will utilize a mix of cash reserves, future profits, ATM proceeds, or other funding sources. By late 2026 to early 2027, IREN plans to have over 2,400 MW available for colocation deals, joint ventures, and build-to-suit data centers, as well as for expanding their existing GPU fleet. In total the company aims to exceed 3,160 MW in sustainable energy, primarily focusing on Texas, where energy rates averaged $0.033 per kWh in Q1 2024โ€”significantly lower than the $0.045 per kWh at their BC facilities. Projection Recent contracts and business operations in the high-performance computing (HPC) sector have valued purpose-built, energy-dense infrastructure between approximately โ‰ˆ$1-1.45 million per MW annually. Enabling IREN to generate $2.4 to $3.48 billion in gross revenue from their remaining 2,400 MW. Coupled with an estimated $761 million in revenue from mining operations in 2025, IREN's diversified revenue streams could potentially reach between $3.161 and $4.241 billion by 2027. It's important to note that this is just one scenario; IREN has multiple verticals to leverage, as BTC mining is highly compatible with various other in-demand opportunities. This projection also does not consider substantial increases in Bitcoin price over the next 2.5 years or the possibility of rising contract values as competition for AI and HPC infrastructure intensifies. Additionally, the market's commitment to ESG principles significantly enhances the value proposition of green compute infrastructure powered entirely by renewable energy. 2025 Mining Revenue Data Points H1 2025, $319M: 850 EH/s Network w/30 EH/s @ 16 J/TH, 100k BTC H2 2025, $442M: 900 EH/s Network, w/40 EH/s @ 15 J/TH, 110k BTC ---------- TradFi & Cloud Services @MorganStanley valued access to power at $5-$12 per watt; based on this, IREN's future portfolio would be valued between $15.8 billion and $37.92 billion. While @jpmorgan recently stated that "Iris Energy (IREN) is best positioned to take advantage of the growing HPC/AI opportunity." Cloud Services: At present, IREN's Cloud Services business will generate $14 million to $17 million annually utilizing 816 NVIDIA H100 GPUs, with 504 GPUs currently contracted with Poolside AI (3 month + 3 month option) and servicing the on-demand market, however, this should grow rapidly as revenue for the segment has grown by 118.63% from March-May 2024. @poolsideai a Paris-based generative AI company, is raising $400 million at a $2 billion valuation, backed by Bain Capital Ventures and DST. Focused on accelerating software development, Poolside's experienced team enhances IREN's cloud services potential, validating IREN's capabilities and linking them with a promising AI startup. ---------- Energy Infrastructure and Mining Operations Current Energy Infrastructure British Columbia Sites Canal Flats: 10 acres, 30 MW (0.9 EH/s), dual physical fiber paths, 20 full-time jobs, includes in-house fabrication facility. Mackenzie: 11 acres, 80 MW (2.7 EH/s), BC Hydro transmission network, 15 full-time jobs. Prince George: 12 acres, 50 MW (1.6 EH/s), dual physical fiber paths, over 20 full-time jobs, leased for 50 years with an option to purchase. Texas Sites: Childress: 600 MW capacity (4.8 EH/s), 100 MW operational, expansion to 350 MW planned for 2024 with 250 MW immediately available. West Texas Site: 1400 MW capacity, scheduled for completion in 2026. Additional Pipeline: >1000 MW capacity, TBA. Note: Located 250 miles northwest of Dallas, the Childress site supports flexible energy consumption in the West Texas Load Zone. The region has 37GW of renewable energy but only 18.5GW of transmission capacity, often limited to 12GW due to technical constraints. IREN's strategic advantage lies in its immediate access to low-cost power and an expansive land portfolio (>1000 acres), both highly valued. Their ongoing investments in site expansion also aim to unlock further value from these assets. ---------- Operations & Expansion Summary Current Operations Childress Phase 1, TX: 100 MW, 4.8 EH/s, Operating Total: 260 MW, 10 EH/s @ 25 J/TH, Operating Near-Term Expansion Q3 2024: Fleet Upgrade (+4 EH/s) and Childress Phase 2 (+100 MW, +6 EH/s; fully funded) Q4 2024: Childress Phase 3 (+150 MW, +10 EH/s; fully funded). Total: 510 MW, 30 EH/s @ 16 J/TH Future Developments H1 2025: Childress Phases 4-6 (+250 MW, +40 EH/s @ 15 J/TH) Late 2026: Development Site, TX (1,400 MW) TBA 2027: Additional Pipeline (>1,000 MW) Total Future Portfolio >3,160 MW @ $0.035/kWh, >40 EH/s @ <15 J/TH ---------- Regulatory Approvals and Network Upgrades ERCOT Approval: Both Texas sites have obtained ERCOT approval. Childress Connection: Complete, with substation infrastructure ready to support the full 600 MW capacity. 1,400 MW Site: Load studies completed as per LFL interconnection requirements. Network Upgrades: Required upgrades for the British Columbia (160 MW) and Childress, Texas (600 MW) sites have already been delivered. For the 1,400 MW Texas site, upgrades are to be completed by 2026. ---------- Childress Expansion Timeline Satellite Imagery in Subsequent Message Recent satellite images confirm that construction at IREN's Childress site follows a phased schedule, with approximately 20 days between the initiation of each building phase. As of May 16, 2024, Phase 2 indicated foundations laid for three buildings, while no work had commenced on the fourth. By June 18, 2024, excavation for the fourth building's foundation was completed, and concrete pouring was more than halfway finished. Trenching and conduits are already being installed for the 10th building, and grading for the rest of Block 3 is ongoing despite some rain, with the construction team efficiently handling the heavy equipment. June 27, 2024 the foundation for the 9th building was scheduled to be completed, but rain caused delays, and completion is now expected June 28. The 6th, 7th, and 8th buildings are at various stages, with progress in metallic structure, cladding, fans, electrical switchgear, and electrical distribution. The substation is nearing completion, with the commissioning team set to begin work soon, aiming for a July energization. Historically, building completion from foundation to final structure, including electrical and fan installations, averages โ‰ˆ90 days. Overall, all four buildings in Phase 2 are projected to finish by late September/October, allowing IREN to scale up to 30 EH/s @16 J/TH by year-end and add an additional 250 MW for colocation deals, joint ventures, build to-suit data centers, or expansion of their existing GPU fleet. ---------- Bitcoin Mining Operations Mining KPI Overview (Jan 2024 - May 2024) Total BTC Generated: 1,592 BTC Total BTC Sold: 1,592 BTC (100% of production) Average Production per Day: 10.49 BTC/day Average Operating Hashrate: 7.44 EH/s Current Average Operating Hashrate: 9.41 EH/s Average Monthly Mining Revenue: $18,430,600 Average Monthly Electricity Expense: $6,991,600 Average Monthly Mining Gross Profit: $11,439,000 AI Cloud Services Revenue: $1,881,000 AI Cloud Services Revenue Growth (Mar-May 2024): 118.63% ---------- Bitmain Contract Summary IREN has secured several hardware agreements for the latest-generation miners from Bitmain. Existing Agreements: These provide a hashrate of 5 EH/s with an efficiency of 19 J/TH. Amended Option Agreement: IREN can purchase either 48,000 T21 miners (providing 9 EH/s at 19 J/TH) or 48,000 S21 Pro miners (providing 11 EH/s at 15 J/TH). Pricing is $14/TH for the T21 and $18.9/TH for the S21 Pro, with option expiry dates in September 2024 and March 2025, respectively. New Purchase Agreement: This covers 51,480 S21 Pro miners, delivering an additional 12 EH/s at 15 J/TH. Pricing is $15.1/TH, with an additional deferred payment of $3.8/TH due nine months after delivery. New Option Agreement: IREN also has an option for another 51,480 S21 Pro miners, providing 12 EH/s at 15 J/TH, priced at $18.9/TH with an option expiry date in May 2025. In total, IREN's contracts with Bitmain will provide a combined hashrate of 40 EH/s with a nameplate efficiency of 15 J/TH. ---------- Additional Notes, Digital Currency Security, Pool, & Liquidation, Technology Stack Note: Mined Bitcoin is stored in a cold storage wallet managed by NYDIG Trust Company LLC. The company utilizes Foundry Digital LLCโ€™s mining pool. Daily and weekly Bitcoin sales are managed by NYDIG under an execution agreement. Note: IREN facilities utilize an in-house technology stack to optimize the performance of AI cloud services, Bitcoin mining, and energy trading operations. Note: IREN has consistently liquidated their Bitcoin daily and does not HODL, instead preferring to utilize cash instead of dilution. ---------- $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM @mikealfred @cazenove_uk @Charge_Stack @Umbisam @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 @penny_ether @McnallieM @Futur3_Th1nk3r @IREN_Ltd ---------- Congrats @danroberts0101 and Will Roberts, as-well as your team @IREN_Ltd on the incredible progress made thus far. I'm looking forward to 2027 and beyond. ๐Ÿ‘Š๐Ÿผ๐Ÿ™Œ๐Ÿผ
BertrimFin's tweet photo. $IREN (Formerly known as Iris Energy Limited) Q1-24 Deep Dive: Sankey, Hashcosts, Portfolio & Expansion, Company Overview & Projection, TradFi & Cloud Services, Mining Operations, Childress Satellite Update & More. July 1st, 2024 Hello everyone!๐Ÿ™‚ Below, I've prepared an in-depth analysis of @IREN_Ltd covering its operations in their entirety and expansive future business prospects. Please review the replies following the Sankey diagram, I've compiled an extensive expansion document addressing many frequently asked questions and concerns, which I hope will serve as a valuable reference. Note: To view the images in high-quality please right click and select open image in new tab. If you find this data useful or interesting, please consider RT/liking/following. I greatly appreciate it, and it helps me a ton. ๐Ÿ™๐Ÿผ๐Ÿ™Œ๐Ÿผ P.S. Apologies for my absence; I've been incredibly busy and haven't had the time to focus on research for extended periods. Over the past month, I've graduated from college, applied to universities, moved, and started a new job. However, my schedule is beginning to stabilize, and I'm now able to spend the time I need on these pieces. ---------- Diving In๐Ÿ’ฅ Company Overview & Projection IREN is debt-free and currently operates 260 megawatts (MW), supporting a hashrate of 10 EH/s at 25 J/TH. By H1 Q3 2024, IREN is projected to achieve 20 EH/s at 17 J/TH, expanding further to 510 MW and 30 EH/s at 16 J/TH by Q4 2024, positioning them as one of the largest and most efficient public miners in the industry. By 2025, IREN's fleet is expected to reach 40 EH/s at 15 J/TH, utilizing approximately 760 MW for Bitcoin mining. Their expansion to 20 EH/s will cost โ‰ˆ$301 million and is currently fully funded with $425.3 million in cash reserves, while the 30 EH/s and 40 EH/s expansions will utilize a mix of cash reserves, future profits, ATM proceeds, or other funding sources. By late 2026 to early 2027, IREN plans to have over 2,400 MW available for colocation deals, joint ventures, and build-to-suit data centers, as well as for expanding their existing GPU fleet. In total the company aims to exceed 3,160 MW in sustainable energy, primarily focusing on Texas, where energy rates averaged $0.033 per kWh in Q1 2024โ€”significantly lower than the $0.045 per kWh at their BC facilities. Projection Recent contracts and business operations in the high-performance computing (HPC) sector have valued purpose-built, energy-dense infrastructure between approximately โ‰ˆ$1-1.45 million per MW annually. Enabling IREN to generate $2.4 to $3.48 billion in gross revenue from their remaining 2,400 MW. Coupled with an estimated $761 million in revenue from mining operations in 2025, IREN's diversified revenue streams could potentially reach between $3.161 and $4.241 billion by 2027. It's important to note that this is just one scenario; IREN has multiple verticals to leverage, as BTC mining is highly compatible with various other in-demand opportunities. This projection also does not consider substantial increases in Bitcoin price over the next 2.5 years or the possibility of rising contract values as competition for AI and HPC infrastructure intensifies. Additionally, the market's commitment to ESG principles significantly enhances the value proposition of green compute infrastructure powered entirely by renewable energy. 2025 Mining Revenue Data Points H1 2025, $319M: 850 EH/s Network w/30 EH/s @ 16 J/TH, 100k BTC H2 2025, $442M: 900 EH/s Network, w/40 EH/s @ 15 J/TH, 110k BTC ---------- TradFi & Cloud Services @MorganStanley valued access to power at $5-$12 per watt; based on this, IREN's future portfolio would be valued between $15.8 billion and $37.92 billion. While @jpmorgan recently stated that "Iris Energy (IREN) is best positioned to take advantage of the growing HPC/AI opportunity." Cloud Services: At present, IREN's Cloud Services business will generate $14 million to $17 million annually utilizing 816 NVIDIA H100 GPUs, with 504 GPUs currently contracted with Poolside AI (3 month + 3 month option) and servicing the on-demand market, however, this should grow rapidly as revenue for the segment has grown by 118.63% from March-May 2024. @poolsideai a Paris-based generative AI company, is raising $400 million at a $2 billion valuation, backed by Bain Capital Ventures and DST. Focused on accelerating software development, Poolside's experienced team enhances IREN's cloud services potential, validating IREN's capabilities and linking them with a promising AI startup. ---------- Energy Infrastructure and Mining Operations Current Energy Infrastructure British Columbia Sites Canal Flats: 10 acres, 30 MW (0.9 EH/s), dual physical fiber paths, 20 full-time jobs, includes in-house fabrication facility. Mackenzie: 11 acres, 80 MW (2.7 EH/s), BC Hydro transmission network, 15 full-time jobs. Prince George: 12 acres, 50 MW (1.6 EH/s), dual physical fiber paths, over 20 full-time jobs, leased for 50 years with an option to purchase. Texas Sites: Childress: 600 MW capacity (4.8 EH/s), 100 MW operational, expansion to 350 MW planned for 2024 with 250 MW immediately available. West Texas Site: 1400 MW capacity, scheduled for completion in 2026. Additional Pipeline: >1000 MW capacity, TBA. Note: Located 250 miles northwest of Dallas, the Childress site supports flexible energy consumption in the West Texas Load Zone. The region has 37GW of renewable energy but only 18.5GW of transmission capacity, often limited to 12GW due to technical constraints. IREN's strategic advantage lies in its immediate access to low-cost power and an expansive land portfolio (>1000 acres), both highly valued. Their ongoing investments in site expansion also aim to unlock further value from these assets. ---------- Operations & Expansion Summary Current Operations Childress Phase 1, TX: 100 MW, 4.8 EH/s, Operating Total: 260 MW, 10 EH/s @ 25 J/TH, Operating Near-Term Expansion Q3 2024: Fleet Upgrade (+4 EH/s) and Childress Phase 2 (+100 MW, +6 EH/s; fully funded) Q4 2024: Childress Phase 3 (+150 MW, +10 EH/s; fully funded). Total: 510 MW, 30 EH/s @ 16 J/TH Future Developments H1 2025: Childress Phases 4-6 (+250 MW, +40 EH/s @ 15 J/TH) Late 2026: Development Site, TX (1,400 MW) TBA 2027: Additional Pipeline (>1,000 MW) Total Future Portfolio >3,160 MW @ $0.035/kWh, >40 EH/s @ <15 J/TH ---------- Regulatory Approvals and Network Upgrades ERCOT Approval: Both Texas sites have obtained ERCOT approval. Childress Connection: Complete, with substation infrastructure ready to support the full 600 MW capacity. 1,400 MW Site: Load studies completed as per LFL interconnection requirements. Network Upgrades: Required upgrades for the British Columbia (160 MW) and Childress, Texas (600 MW) sites have already been delivered. For the 1,400 MW Texas site, upgrades are to be completed by 2026. ---------- Childress Expansion Timeline Satellite Imagery in Subsequent Message Recent satellite images confirm that construction at IREN's Childress site follows a phased schedule, with approximately 20 days between the initiation of each building phase. As of May 16, 2024, Phase 2 indicated foundations laid for three buildings, while no work had commenced on the fourth. By June 18, 2024, excavation for the fourth building's foundation was completed, and concrete pouring was more than halfway finished. Trenching and conduits are already being installed for the 10th building, and grading for the rest of Block 3 is ongoing despite some rain, with the construction team efficiently handling the heavy equipment. June 27, 2024 the foundation for the 9th building was scheduled to be completed, but rain caused delays, and completion is now expected June 28. The 6th, 7th, and 8th buildings are at various stages, with progress in metallic structure, cladding, fans, electrical switchgear, and electrical distribution. The substation is nearing completion, with the commissioning team set to begin work soon, aiming for a July energization. Historically, building completion from foundation to final structure, including electrical and fan installations, averages โ‰ˆ90 days. Overall, all four buildings in Phase 2 are projected to finish by late September/October, allowing IREN to scale up to 30 EH/s @16 J/TH by year-end and add an additional 250 MW for colocation deals, joint ventures, build to-suit data centers, or expansion of their existing GPU fleet. ---------- Bitcoin Mining Operations Mining KPI Overview (Jan 2024 - May 2024) Total BTC Generated: 1,592 BTC Total BTC Sold: 1,592 BTC (100% of production) Average Production per Day: 10.49 BTC/day Average Operating Hashrate: 7.44 EH/s Current Average Operating Hashrate: 9.41 EH/s Average Monthly Mining Revenue: $18,430,600 Average Monthly Electricity Expense: $6,991,600 Average Monthly Mining Gross Profit: $11,439,000 AI Cloud Services Revenue: $1,881,000 AI Cloud Services Revenue Growth (Mar-May 2024): 118.63% ---------- Bitmain Contract Summary IREN has secured several hardware agreements for the latest-generation miners from Bitmain. Existing Agreements: These provide a hashrate of 5 EH/s with an efficiency of 19 J/TH. Amended Option Agreement: IREN can purchase either 48,000 T21 miners (providing 9 EH/s at 19 J/TH) or 48,000 S21 Pro miners (providing 11 EH/s at 15 J/TH). Pricing is $14/TH for the T21 and $18.9/TH for the S21 Pro, with option expiry dates in September 2024 and March 2025, respectively. New Purchase Agreement: This covers 51,480 S21 Pro miners, delivering an additional 12 EH/s at 15 J/TH. Pricing is $15.1/TH, with an additional deferred payment of $3.8/TH due nine months after delivery. New Option Agreement: IREN also has an option for another 51,480 S21 Pro miners, providing 12 EH/s at 15 J/TH, priced at $18.9/TH with an option expiry date in May 2025. In total, IREN's contracts with Bitmain will provide a combined hashrate of 40 EH/s with a nameplate efficiency of 15 J/TH. ---------- Additional Notes, Digital Currency Security, Pool, & Liquidation, Technology Stack Note: Mined Bitcoin is stored in a cold storage wallet managed by NYDIG Trust Company LLC. The company utilizes Foundry Digital LLCโ€™s mining pool. Daily and weekly Bitcoin sales are managed by NYDIG under an execution agreement. Note: IREN facilities utilize an in-house technology stack to optimize the performance of AI cloud services, Bitcoin mining, and energy trading operations. Note: IREN has consistently liquidated their Bitcoin daily and does not HODL, instead preferring to utilize cash instead of dilution. ---------- $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM @mikealfred @cazenove_uk @Charge_Stack @Umbisam @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 @penny_ether @McnallieM @Futur3_Th1nk3r @IREN_Ltd ---------- Congrats @danroberts0101 and Will Roberts, as-well as your team @IREN_Ltd on the incredible progress made thus far. I'm looking forward to 2027 and beyond. ๐Ÿ‘Š๐Ÿผ๐Ÿ™Œ๐Ÿผ
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Cory Bertrim Jr. @BertrimFin
@Charge_Stack @Core_Scientific @blocks Great news ๐Ÿ™Œ๐Ÿป Also, if anyone knows the assembled ASIC hash output/efficiency rating and/or production/batch delivery timeline I would greatly appreciate it.
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Cory Bertrim Jr. @BertrimFin
@StocksAREnuts @DecryptSam @MarathonDH https://t.co/xMYk3salQ2
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Cory Bertrim Jr. @BertrimFin
Hey good question. We do not truly know the exact hashrate of the network within short time periods, the estimates we use are based on average block time and network difficulty over a given time period, with longer periods resulting in a less volatile and more accurate output. The end of that sentence is important given the context of the question, MARAโ€™s current implied hashrate. The formula we use to calculate 1D is: Bitcoin Hashrate = [(blocks solved over 24 hrs/144) * difficulty * 2^32 ]/600 Given: Blocks Solved Over a Specified Time Period: The number of blocks mined over a specific time period. This can be 24 hours (1 day) or any longer duration to improve accuracy. 144: The expected number of blocks mined in a day (24 hours ร—\timesร— 6 blocks per hour). Difficulty: When we multiply Bitcoin's difficulty by 2^32, it gives us the average amount of "work" (hashes) needed to solve a block. 600: The number of seconds in 10 minutes. With this in mind we can see how $MARA mining such a massive proportion of the blocks within a short time period, given the formula, would raise their โ€œimpliedโ€ hashrate; but of course not their actual. Furthermore, I'm sure you've seen people claiming that $MARA has a significantly lower operating EH/s than they truly do; this is due to the luck factor involved with mining blocks and given the formula you can see how if a pool operator isn't getting "lucky" their implied hashrate will be lower. $MARA has certainly had operational issues but they've been rapidly moving miners to in-house facilities while still growing their fleet which is currently at 26.3 EH/s in operation, the largest among pubcos.
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Cory Bertrim Jr. @BertrimFin
Hey good question. We do not truly know the exact hashrate of the network within short time periods, the estimates we use are based on average block time and network difficulty over a given time period, with longer periods resulting in a less volatile and more accurate output. The end of that sentence is important given the context of the question, MARAโ€™s current implied hashrate. The formula we use to calculate 1D is: Bitcoin Hashrate = [(blocks solved over 24 hrs/144) * difficulty * 2^32 ]/600 Given: Blocks Solved Over a Specified Time Period: The number of blocks mined over a specific time period. This can be 24 hours (1 day) or any longer duration to improve accuracy. 144: The expected number of blocks mined in a day (24 hours ร—\timesร— 6 blocks per hour). Difficulty: When we multiply Bitcoin's difficulty by 2^32, it gives us the average amount of "work" (hashes) needed to solve a block. 600: The number of seconds in 10 minutes. With this in mind we can see how $MARA mining such a massive proportion of the blocks within a short time period, given the formula, would raise their โ€œimpliedโ€ hashrate; but of course not their actual. Furthermore, I'm sure you've seen people claiming that $MARA has a significantly lower operating EH/s than they truly do; this is due to the luck factor involved with mining blocks and given the formula you can see how if a pool operator isn't getting "lucky" their implied hashrate will be lower. $MARA has certainly had operational issues but they've been rapidly moving miners to in-house facilities while still growing their fleet which is currently at 26.3 EH/s in operation, the largest among pubcos.
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Cory Bertrim Jr. @BertrimFin
@travistaylor9 Thank you Travis ๐Ÿ™Œ๐Ÿป๐Ÿ‘Š๐Ÿป
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Cory Bertrim Jr. @BertrimFin
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Cory Bertrim Jr. @BertrimFin
Finding BTC Network Data via API or Web-Based Methods May 2, 2024 Hello everyone, I hope your week is going great! With discussions about transaction fees, I've noticed several comments about accessing live transaction data and detailed block information. Below, I've compiled a comprehensive guide on how to do just that. It's a bit lengthy, so I've included a table of contents to help you navigate to the sections that interest you. If you find this information useful or interesting, please consider retweeting, liking, or following. As a college student aiming to build my network, your support means a lot to me.๐Ÿ™๐Ÿฅณ ----- Table of Contents 1. Diving In: What is the Mempool? 2. Frequently Visited Web Pages: Web Based Bitcoin Network Data. 3. Historical Block Data, Excel: 840,000 Blocks to Download. 4. API: What is it? How do I use it? 5. Setting up Visual Studio Code: Quick Setup 6. Python Code Template: Basic Template for GET Block Data Request. 7. Using an LLM to Error Handle: ChatGPT, LLama, Copilot. 8. Closing Thoughts: Now What? ----- 1. Diving In๐Ÿ’ฅ I use two main methods to gather block data, both involving access to The Mempool Open Source Project through their API or web-based tools. The mempool, short for memory pool, is a critical component of a blockchain node where unconfirmed transactions temporarily reside. When a Bitcoin transaction is initiated, it enters the mempool, which is maintained by each node in the network. Miners select transactions from the mempool to include in the next block they mine. The Mempool Project provides open-source access to this data for everyone. Their API is free, though with limitations (they offer a paid service as well), yet it remains incredibly valuable. 2. Frequently Visited Web Pages: @mempool General Mining Info: https://t.co/yRLEANmLtg Hashrate/Difficulty: https://t.co/pa79TN6l7G Live TX Fees: https://t.co/BvzmMW7Odb You can navigate via the menu, I encourage you to explore every page; almost everything you'd ever want will be here. If you have any questions check the FAQ it's very thorough. https://t.co/3sywAmi1WD Also, @hashrateindex has some incredible data as-well: Network Hashrate: https://t.co/X4c7oJ0T9O Hashprice: https://t.co/vg6mZuM9uo Among many other links, definitely spend time on their site; there's lots to see, and you can also directly download much of it into Excel. 3. Historical Data: Now regarding historical data the mempool API allows a max chunk size of 15 for free users, with 841,830 blocks in the chain currently, getting historical data is a headache and a bit painful for your PC (as-well as the API's servers). Luckily, I've completed this already. https://t.co/mPrLJgnMee In that folder, you'll find the block data from the past four halvings, totaling 840,000 blocks. The data includes the following fields: height, timestamp, reward, tx_fee, subsidy, tx_count, size, weight, previousblockhash, bits, nonce, difficulty, merkle_root, version, and mediantime. Please consider downloading the data instead of pulling it from the mempool again. Unless you're seeking additional data points not included in this dataset, it would be great to minimize the strain on the free service as much as possible. They are committed to providing free access, although I don't want to risk tempting them to change this. 4. What is an API? "An API, or application programming interface, is a set of rules or protocols that enables software applications to communicate with each other to exchange data, features and functionality." - IBM As such the mempool API has set GET and POST user requests, they can be found here: https://t.co/Qse4qYZcWl 5. Downloading Visual Studio Code: To execute your script, you'll need a terminal interface. If you're using Windows, I'd recommend downloading Visual Studio Code. Here is a guide for setting up Visual Studio Code and an introduction to creating a Flask server. https://t.co/H7mxIygeuF It's worth the watch; the YouTuber, Tech With Tim, is incredibly helpful and easy to follow. I'd recommend exploring his other videos as well. 6. Python Code Template: There are various coding languages you can use to interact with data; my particular favorite is Python. It's incredibly powerful and multifunctional. If you engage in consistent data work, I'd recommend learning it. Resources: @Harvard CS50, the entire course for free (25 hrs) https://t.co/QLcI0TNGw9 @freeCodeCamp, 6 hr boot camp https://t.co/VZNZA1XWap Now, some people may not be interested in learning Python or coding in general, and that's totally understandable. Although, I do recommend it; the power and efficiency achieved by combining the use of LLM's and Python when interacting with data cannot be overstated. However, for those who simply do not wish to spend the time, I've included a template below. Basic Script Template: https://t.co/Wekgzg6mS9 Copy this template into Visual Studio Code. You can follow the comments I've left and modify the parameters to suit your needs. Currently, the data is downloaded to an Excel file and organized in a directory of your choosing. Additionally, there are printouts showing progress as well as error handling. This is a basic way to do it. However, you can take it a step further and set up a Flask server, which will automatically pull the chunks at set time intervals. I don't recommend this method as it requires your PC to be constantly on, but if you don't mind, I find it's the easiestโ€”set it and forget it. Also, if you go the flask route make sure the script iterates over the established excel file so you don't wakeup to a ridiculous amount of duplicates. If you happen to encounter duplicates I've included another script to help. Remove Duplicates by Height: https://t.co/HvdXjYWYWA Sometimes the pool drops blocks, if you run the script below you can check your dataset for missing heights. Check Height for Missing Values: https://t.co/6QCTQc5Yfn 7. Using an LLM to Error Handle: @ChatGPTapp , @llama , @MSFTCopilot Despite our best efforts to learn, coding isn't easy for everyone, and even experts struggle with syntax and random errors. Enter language models (LLMs) and their incredible capabilities: simply copy/paste the code with the error, and they will show you exactly what went wrong and how to fix it in the future. These are my preferred LLMs. https://t.co/UZCkv2xdFN https://t.co/eNAR2OucrQ https://t.co/tPj3XVTEvF 8. Closing Thoughts Once you have a massive dataset, it can be a bit daunting. However, this is where it gets excitingโ€”now you can have fun! Almost all the data you see on my page is gathered through these methods. Creating content around it and showcasing the development of the network and Bitcoin in its entirety is exciting. I know, it sounds๐Ÿค“and maybe it is, but it's genuinely enjoyable to see what you can create and the models you can build from it. If you create something with this data please tag me in it, I'd love to see what you come up with. @theBTCMiningGuy @cazenove_uk @Charge_Stack @Umbisam @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 @penny_ether @McnallieM $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM #Python #Flask #Bitcoin $BTC #Network #Data ๐Ÿฅณ๐Ÿ™ P.S If you read to this point, thank you. I'll be putting out a ton of mining data in the coming weeks, I hope it's helpful. ๐Ÿป
BertrimFin's tweet photo. Finding BTC Network Data via API or Web-Based Methods May 2, 2024 Hello everyone, I hope your week is going great! With discussions about transaction fees, I've noticed several comments about accessing live transaction data and detailed block information. Below, I've compiled a comprehensive guide on how to do just that. It's a bit lengthy, so I've included a table of contents to help you navigate to the sections that interest you. If you find this information useful or interesting, please consider retweeting, liking, or following. As a college student aiming to build my network, your support means a lot to me.๐Ÿ™๐Ÿฅณ ----- Table of Contents 1. Diving In: What is the Mempool? 2. Frequently Visited Web Pages: Web Based Bitcoin Network Data. 3. Historical Block Data, Excel: 840,000 Blocks to Download. 4. API: What is it? How do I use it? 5. Setting up Visual Studio Code: Quick Setup 6. Python Code Template: Basic Template for GET Block Data Request. 7. Using an LLM to Error Handle: ChatGPT, LLama, Copilot. 8. Closing Thoughts: Now What? ----- 1. Diving In๐Ÿ’ฅ I use two main methods to gather block data, both involving access to The Mempool Open Source Project through their API or web-based tools. The mempool, short for memory pool, is a critical component of a blockchain node where unconfirmed transactions temporarily reside. When a Bitcoin transaction is initiated, it enters the mempool, which is maintained by each node in the network. Miners select transactions from the mempool to include in the next block they mine. The Mempool Project provides open-source access to this data for everyone. Their API is free, though with limitations (they offer a paid service as well), yet it remains incredibly valuable. 2. Frequently Visited Web Pages: @mempool General Mining Info: https://t.co/yRLEANmLtg Hashrate/Difficulty: https://t.co/pa79TN6l7G Live TX Fees: https://t.co/BvzmMW7Odb You can navigate via the menu, I encourage you to explore every page; almost everything you'd ever want will be here. If you have any questions check the FAQ it's very thorough. https://t.co/3sywAmi1WD Also, @hashrateindex has some incredible data as-well: Network Hashrate: https://t.co/X4c7oJ0T9O Hashprice: https://t.co/vg6mZuM9uo Among many other links, definitely spend time on their site; there's lots to see, and you can also directly download much of it into Excel. 3. Historical Data: Now regarding historical data the mempool API allows a max chunk size of 15 for free users, with 841,830 blocks in the chain currently, getting historical data is a headache and a bit painful for your PC (as-well as the API's servers). Luckily, I've completed this already. https://t.co/mPrLJgnMee In that folder, you'll find the block data from the past four halvings, totaling 840,000 blocks. The data includes the following fields: height, timestamp, reward, tx_fee, subsidy, tx_count, size, weight, previousblockhash, bits, nonce, difficulty, merkle_root, version, and mediantime. Please consider downloading the data instead of pulling it from the mempool again. Unless you're seeking additional data points not included in this dataset, it would be great to minimize the strain on the free service as much as possible. They are committed to providing free access, although I don't want to risk tempting them to change this. 4. What is an API? "An API, or application programming interface, is a set of rules or protocols that enables software applications to communicate with each other to exchange data, features and functionality." - IBM As such the mempool API has set GET and POST user requests, they can be found here: https://t.co/Qse4qYZcWl 5. Downloading Visual Studio Code: To execute your script, you'll need a terminal interface. If you're using Windows, I'd recommend downloading Visual Studio Code. Here is a guide for setting up Visual Studio Code and an introduction to creating a Flask server. https://t.co/H7mxIygeuF It's worth the watch; the YouTuber, Tech With Tim, is incredibly helpful and easy to follow. I'd recommend exploring his other videos as well. 6. Python Code Template: There are various coding languages you can use to interact with data; my particular favorite is Python. It's incredibly powerful and multifunctional. If you engage in consistent data work, I'd recommend learning it. Resources: @Harvard CS50, the entire course for free (25 hrs) https://t.co/QLcI0TNGw9 @freeCodeCamp, 6 hr boot camp https://t.co/VZNZA1XWap Now, some people may not be interested in learning Python or coding in general, and that's totally understandable. Although, I do recommend it; the power and efficiency achieved by combining the use of LLM's and Python when interacting with data cannot be overstated. However, for those who simply do not wish to spend the time, I've included a template below. Basic Script Template: https://t.co/Wekgzg6mS9 Copy this template into Visual Studio Code. You can follow the comments I've left and modify the parameters to suit your needs. Currently, the data is downloaded to an Excel file and organized in a directory of your choosing. Additionally, there are printouts showing progress as well as error handling. This is a basic way to do it. However, you can take it a step further and set up a Flask server, which will automatically pull the chunks at set time intervals. I don't recommend this method as it requires your PC to be constantly on, but if you don't mind, I find it's the easiestโ€”set it and forget it. Also, if you go the flask route make sure the script iterates over the established excel file so you don't wakeup to a ridiculous amount of duplicates. If you happen to encounter duplicates I've included another script to help. Remove Duplicates by Height: https://t.co/HvdXjYWYWA Sometimes the pool drops blocks, if you run the script below you can check your dataset for missing heights. Check Height for Missing Values: https://t.co/6QCTQc5Yfn 7. Using an LLM to Error Handle: @ChatGPTapp , @llama , @MSFTCopilot Despite our best efforts to learn, coding isn't easy for everyone, and even experts struggle with syntax and random errors. Enter language models (LLMs) and their incredible capabilities: simply copy/paste the code with the error, and they will show you exactly what went wrong and how to fix it in the future. These are my preferred LLMs. https://t.co/UZCkv2xdFN https://t.co/eNAR2OucrQ https://t.co/tPj3XVTEvF 8. Closing Thoughts Once you have a massive dataset, it can be a bit daunting. However, this is where it gets excitingโ€”now you can have fun! Almost all the data you see on my page is gathered through these methods. Creating content around it and showcasing the development of the network and Bitcoin in its entirety is exciting. I know, it sounds๐Ÿค“and maybe it is, but it's genuinely enjoyable to see what you can create and the models you can build from it. If you create something with this data please tag me in it, I'd love to see what you come up with. @theBTCMiningGuy @cazenove_uk @Charge_Stack @Umbisam @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 @penny_ether @McnallieM $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM #Python #Flask #Bitcoin $BTC #Network #Data ๐Ÿฅณ๐Ÿ™ P.S If you read to this point, thank you. I'll be putting out a ton of mining data in the coming weeks, I hope it's helpful. ๐Ÿป
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Cory Bertrim Jr. @BertrimFin
Q2-2024, Bitcoin Network Data (Blocks, Tx Fees, Subsidy, Avgs, Difficulty, etc.), Imputed EH Calculator, BTC Price, & More July 4, 2024 Hello everyone, I hope you're having a great start to your day, and happy holidays to those celebrating the Fourth of July. I've prepared an Excel document containing network data for Q2-2024. Additionally, I've included an imputed EH/s calculator with user-friendly drop-down menus. This calculator can help you determine the EH required to produce the output a miner has reported for any month during the quarter. There's a wealth of information here, and as I prepare for Q2 analyses, I thought this could be useful to others as well. Google Drive: https://t.co/6hOOWV6wYP To edit the document you can download it. Access Link > File > Download > Enable Editing If you have any questions, please feel free to reach out. (Note: The attached image is just an example; the actual file is organized and has multiple tabs of data.) $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM $BTC #Bitcoin
BertrimFin's tweet photo. Q2-2024, Bitcoin Network Data (Blocks, Tx Fees, Subsidy, Avgs, Difficulty, etc.), Imputed EH Calculator, BTC Price, & More July 4, 2024 Hello everyone, I hope you're having a great start to your day, and happy holidays to those celebrating the Fourth of July. I've prepared an Excel document containing network data for Q2-2024. Additionally, I've included an imputed EH/s calculator with user-friendly drop-down menus. This calculator can help you determine the EH required to produce the output a miner has reported for any month during the quarter. There's a wealth of information here, and as I prepare for Q2 analyses, I thought this could be useful to others as well. Google Drive: https://t.co/6hOOWV6wYP To edit the document you can download it. Access Link > File > Download > Enable Editing If you have any questions, please feel free to reach out. (Note: The attached image is just an example; the actual file is organized and has multiple tabs of data.) $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM $BTC #Bitcoin
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Hashprice represents the amount the network is willing to pay per PH/s per day. Combining it with hashcosts allows you to determine a company's mining income/profitability. Hashcost Formula: ((โ€˜Costsโ€™/(Avg. Operational EH*1000))/Days in Period Hashcosts are typically divided into three categories based on cash expenses: 1. Energy + Direct Costs 2. Energy + Direct Costs + SG&A 3. All-In Costs If a miner's hashcosts exceed the current hashprice, they are operating at a loss. Using my recent piece on IREN Q1-24 as an example their hashcosts were: 1. $37.02 2. $47.74 3. $55.40 With hashprice currently at $46.50 theyโ€™re still earning a gross profit, however, when you factor in additional costs you can see the margin evaporate. As a side note IREN has very good hashcosts comparatively, if you check my page Iโ€™ve prepared research on most popular miners and youโ€™ll see some miners have significantly higher expenses and therefore hashcost.
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Cory Bertrim Jr. @BertrimFin
@florentwozniak Hey np, appreciate it. Once all the numbers are out Iโ€™ll be posting it. Iโ€™ll be including forecasted growth as-well as current, and a few other relevant data points.
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Miner Fleet Efficiency (J/TH) April 9, 2024. Hello, I hope you're having a great night. Below, I've compiled the fleet efficiency for 13 miners. If you have any questions, feel free to send me a message or comment below. If you find this data useful, please retweet/follow/like. As a college student trying to build my base, it's incredibly helpful. Thank you! ๐Ÿ™๐Ÿป Diving In๐Ÿ’ฅ In the realm of #Bitcoin mining, two key operational metrics stand out: the cost of power per kWh and J/TH, denoting the efficiency of your mining fleet. These metrics hold immense significance as they directly impact the economics of mining operations. Lowering both J/TH and energy costs is pivotal for miners aiming to optimize their profitability. A lower J/TH indicates that less energy is consumed per TH of computational work performed, making the mining operation more efficient. Simultaneously reducing energy costs further enhances profitability, as it directly cuts down on operational expenses. Efficiency in Bitcoin mining is not just about maximizing profits but also about sustainability. By minimizing energy consumption and adopting more efficient mining practices, miners can significantly reduce their environmental footprint. This not only aligns with broader sustainability goals but also ensures the long-term viability of the mining industry. IMO it is also important to note that as ASICs become increasingly more efficient and accessible, miners with lower kWh rates will demand a premium. In this regard, CIFR, RIOT, & WULF are leading the pack: Cipher Mining (CIFR) attained an average energy rate of 2.7 cents per kWh. TeraWulf (WULF) established a 5-year fixed contract at Nautilusโ€™ nuclear power site in New York, achieving a rate of 2 cents per kWh. Riot Platforms (RIOT) implemented energy strategies at their Rockdale facility, resulting in a reduction of their self-mining energy costs to approximately 2.2 cents per kWh, as reported by Jason Les, CEO of Riot Platforms. These energy rates are incredible and significantly lower than the industry average which is sitting at $0.040 per kWh. Current Leaderboard $MARA: 24.5 J/TH $CLSK: 24.63 J/TH $WULF: 25.40 J/TH $CORZ: 26.85 J/TH $IREN: 27.08 J/TH $RIOT: 27.7 J/TH $HIVE: 28.7 J/TH $BTBT: 28.8 J/TH $GRYP: 28.9 J/TH $CIFR: 29.9 J/TH $BTDR: 31.7 J/TH $HUT: 33.5 J/TH $BITF: 34.0 J/TH When Q1 2024 releases in May, I will conduct a comprehensive analysis of energy rates. My goal is to identify the miner with the lowest J/TH, cheapest energy, and operational EH/future growth plans. In conjunction with this, I am developing a tracker model to calculate idle rates for machines awaiting energization. If you have anything else you'd like to see please let me know. @theBTCMiningGuy @cazenove_uk @Charge_Stack @Umbisam @mikealfred @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 Cheers๐Ÿป
BertrimFin's tweet photo. Miner Fleet Efficiency (J/TH) April 9, 2024. Hello, I hope you're having a great night. Below, I've compiled the fleet efficiency for 13 miners. If you have any questions, feel free to send me a message or comment below. If you find this data useful, please retweet/follow/like. As a college student trying to build my base, it's incredibly helpful. Thank you! ๐Ÿ™๐Ÿป Diving In๐Ÿ’ฅ In the realm of #Bitcoin mining, two key operational metrics stand out: the cost of power per kWh and J/TH, denoting the efficiency of your mining fleet. These metrics hold immense significance as they directly impact the economics of mining operations. Lowering both J/TH and energy costs is pivotal for miners aiming to optimize their profitability. A lower J/TH indicates that less energy is consumed per TH of computational work performed, making the mining operation more efficient. Simultaneously reducing energy costs further enhances profitability, as it directly cuts down on operational expenses. Efficiency in Bitcoin mining is not just about maximizing profits but also about sustainability. By minimizing energy consumption and adopting more efficient mining practices, miners can significantly reduce their environmental footprint. This not only aligns with broader sustainability goals but also ensures the long-term viability of the mining industry. IMO it is also important to note that as ASICs become increasingly more efficient and accessible, miners with lower kWh rates will demand a premium. In this regard, CIFR, RIOT, & WULF are leading the pack: Cipher Mining (CIFR) attained an average energy rate of 2.7 cents per kWh. TeraWulf (WULF) established a 5-year fixed contract at Nautilusโ€™ nuclear power site in New York, achieving a rate of 2 cents per kWh. Riot Platforms (RIOT) implemented energy strategies at their Rockdale facility, resulting in a reduction of their self-mining energy costs to approximately 2.2 cents per kWh, as reported by Jason Les, CEO of Riot Platforms. These energy rates are incredible and significantly lower than the industry average which is sitting at $0.040 per kWh. Current Leaderboard $MARA: 24.5 J/TH $CLSK: 24.63 J/TH $WULF: 25.40 J/TH $CORZ: 26.85 J/TH $IREN: 27.08 J/TH $RIOT: 27.7 J/TH $HIVE: 28.7 J/TH $BTBT: 28.8 J/TH $GRYP: 28.9 J/TH $CIFR: 29.9 J/TH $BTDR: 31.7 J/TH $HUT: 33.5 J/TH $BITF: 34.0 J/TH When Q1 2024 releases in May, I will conduct a comprehensive analysis of energy rates. My goal is to identify the miner with the lowest J/TH, cheapest energy, and operational EH/future growth plans. In conjunction with this, I am developing a tracker model to calculate idle rates for machines awaiting energization. If you have anything else you'd like to see please let me know. @theBTCMiningGuy @cazenove_uk @Charge_Stack @Umbisam @mikealfred @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 Cheers๐Ÿป
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@Umbisam Can you share the cords? Or the approx miles east of Childress (can dm if youโ€™d prefer)? Tried to find it on the map but Iโ€™m not very familiar with US maps. https://t.co/VRhHowmEVe
BertrimFin's profile image
Cory Bertrim Jr. @BertrimFin
$IREN Childress Expansion Satellite Imagery & Timeline
BertrimFin's tweet photo. $IREN Childress Expansion Satellite Imagery & Timeline
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Cory Bertrim Jr. @BertrimFin
@BenjFlynn1 Ty appreciate it ๐Ÿ™Œ๐Ÿป
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Cory Bertrim Jr. @BertrimFin
@ChuckDieselETH @615Investor Ty ๐Ÿ˜‚๐Ÿป
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Cory Bertrim Jr. @BertrimFin
@615Investor Thank you ๐Ÿ™Œ๐Ÿป
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Cory Bertrim Jr. @BertrimFin
I move it based on how I feel trends are moving. In Nov I was 100% in CLSK, sold in April to rotate into CORZ, made 257% there sold and moved into IREN. I expect with Childress weโ€™re going to have some major announcements soon, will be a nice pump to SP. Once it cools off Iโ€™ll see where the next HPC play is/if BTC is getting ready to run (my assumption is the former is more likely due to the selling pressure/subsequent sentiment weโ€™re about to receive via mt. Gox dump). I may choose to rotate out or sit depending on the environment then. Also, still watching CORZ since the remaining MW could be announced soon which should lead to a nice % gain, even if temporary due to warrants being unlocked will be a quick pickup. With the research I do on these companies Iโ€™m very comfortable rotating, I feel I have a good sense of what moves them and how to react accordingly (although I am of course still learning).
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Cory Bertrim Jr. @BertrimFin
@Charge_Stack @seancbuckley โ€œAt different timesโ€ is the best part of this cycle, being able to rotate from plays has been incredibly beneficial. $CORZ into $IREN while building my capital to dump into $CLSK once BTC runs ๐Ÿ‘Œ๐Ÿป
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Cory Bertrim Jr. @BertrimFin
@KingofBTC21 @penny_ether Np, thank you ๐Ÿ™‚๐Ÿ‘Š๐Ÿป
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Cory Bertrim Jr. @BertrimFin
@Lacabra_Capital Thank you ๐Ÿ™Œ๐Ÿป Hereโ€™s the link to the full piece, I tried to cover absolutely everything.
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Cory Bertrim Jr. @BertrimFin
$IREN (Formerly known as Iris Energy Limited) Q1-24 Deep Dive: Sankey, Hashcosts, Portfolio & Expansion, Company Overview & Projection, TradFi & Cloud Services, Mining Operations, Childress Satellite Update & More. July 1st, 2024 Hello everyone!๐Ÿ™‚ Below, I've prepared an in-depth analysis of @IREN_Ltd covering its operations in their entirety and expansive future business prospects. Please review the replies following the Sankey diagram, I've compiled an extensive expansion document addressing many frequently asked questions and concerns, which I hope will serve as a valuable reference. Note: To view the images in high-quality please right click and select open image in new tab. If you find this data useful or interesting, please consider RT/liking/following. I greatly appreciate it, and it helps me a ton. ๐Ÿ™๐Ÿผ๐Ÿ™Œ๐Ÿผ P.S. Apologies for my absence; I've been incredibly busy and haven't had the time to focus on research for extended periods. Over the past month, I've graduated from college, applied to universities, moved, and started a new job. However, my schedule is beginning to stabilize, and I'm now able to spend the time I need on these pieces. ---------- Diving In๐Ÿ’ฅ Company Overview & Projection IREN is debt-free and currently operates 260 megawatts (MW), supporting a hashrate of 10 EH/s at 25 J/TH. By H1 Q3 2024, IREN is projected to achieve 20 EH/s at 17 J/TH, expanding further to 510 MW and 30 EH/s at 16 J/TH by Q4 2024, positioning them as one of the largest and most efficient public miners in the industry. By 2025, IREN's fleet is expected to reach 40 EH/s at 15 J/TH, utilizing approximately 760 MW for Bitcoin mining. Their expansion to 20 EH/s will cost โ‰ˆ$301 million and is currently fully funded with $425.3 million in cash reserves, while the 30 EH/s and 40 EH/s expansions will utilize a mix of cash reserves, future profits, ATM proceeds, or other funding sources. By late 2026 to early 2027, IREN plans to have over 2,400 MW available for colocation deals, joint ventures, and build-to-suit data centers, as well as for expanding their existing GPU fleet. In total the company aims to exceed 3,160 MW in sustainable energy, primarily focusing on Texas, where energy rates averaged $0.033 per kWh in Q1 2024โ€”significantly lower than the $0.045 per kWh at their BC facilities. Projection Recent contracts and business operations in the high-performance computing (HPC) sector have valued purpose-built, energy-dense infrastructure between approximately โ‰ˆ$1-1.45 million per MW annually. Enabling IREN to generate $2.4 to $3.48 billion in gross revenue from their remaining 2,400 MW. Coupled with an estimated $761 million in revenue from mining operations in 2025, IREN's diversified revenue streams could potentially reach between $3.161 and $4.241 billion by 2027. It's important to note that this is just one scenario; IREN has multiple verticals to leverage, as BTC mining is highly compatible with various other in-demand opportunities. This projection also does not consider substantial increases in Bitcoin price over the next 2.5 years or the possibility of rising contract values as competition for AI and HPC infrastructure intensifies. Additionally, the market's commitment to ESG principles significantly enhances the value proposition of green compute infrastructure powered entirely by renewable energy. 2025 Mining Revenue Data Points H1 2025, $319M: 850 EH/s Network w/30 EH/s @ 16 J/TH, 100k BTC H2 2025, $442M: 900 EH/s Network, w/40 EH/s @ 15 J/TH, 110k BTC ---------- TradFi & Cloud Services @MorganStanley valued access to power at $5-$12 per watt; based on this, IREN's future portfolio would be valued between $15.8 billion and $37.92 billion. While @jpmorgan recently stated that "Iris Energy (IREN) is best positioned to take advantage of the growing HPC/AI opportunity." Cloud Services: At present, IREN's Cloud Services business will generate $14 million to $17 million annually utilizing 816 NVIDIA H100 GPUs, with 504 GPUs currently contracted with Poolside AI (3 month + 3 month option) and servicing the on-demand market, however, this should grow rapidly as revenue for the segment has grown by 118.63% from March-May 2024. @poolsideai a Paris-based generative AI company, is raising $400 million at a $2 billion valuation, backed by Bain Capital Ventures and DST. Focused on accelerating software development, Poolside's experienced team enhances IREN's cloud services potential, validating IREN's capabilities and linking them with a promising AI startup. ---------- Energy Infrastructure and Mining Operations Current Energy Infrastructure British Columbia Sites Canal Flats: 10 acres, 30 MW (0.9 EH/s), dual physical fiber paths, 20 full-time jobs, includes in-house fabrication facility. Mackenzie: 11 acres, 80 MW (2.7 EH/s), BC Hydro transmission network, 15 full-time jobs. Prince George: 12 acres, 50 MW (1.6 EH/s), dual physical fiber paths, over 20 full-time jobs, leased for 50 years with an option to purchase. Texas Sites: Childress: 600 MW capacity (4.8 EH/s), 100 MW operational, expansion to 350 MW planned for 2024 with 250 MW immediately available. West Texas Site: 1400 MW capacity, scheduled for completion in 2026. Additional Pipeline: >1000 MW capacity, TBA. Note: Located 250 miles northwest of Dallas, the Childress site supports flexible energy consumption in the West Texas Load Zone. The region has 37GW of renewable energy but only 18.5GW of transmission capacity, often limited to 12GW due to technical constraints. IREN's strategic advantage lies in its immediate access to low-cost power and an expansive land portfolio (>1000 acres), both highly valued. Their ongoing investments in site expansion also aim to unlock further value from these assets. ---------- Operations & Expansion Summary Current Operations Childress Phase 1, TX: 100 MW, 4.8 EH/s, Operating Total: 260 MW, 10 EH/s @ 25 J/TH, Operating Near-Term Expansion Q3 2024: Fleet Upgrade (+4 EH/s) and Childress Phase 2 (+100 MW, +6 EH/s; fully funded) Q4 2024: Childress Phase 3 (+150 MW, +10 EH/s; fully funded). Total: 510 MW, 30 EH/s @ 16 J/TH Future Developments H1 2025: Childress Phases 4-6 (+250 MW, +40 EH/s @ 15 J/TH) Late 2026: Development Site, TX (1,400 MW) TBA 2027: Additional Pipeline (>1,000 MW) Total Future Portfolio >3,160 MW @ $0.035/kWh, >40 EH/s @ <15 J/TH ---------- Regulatory Approvals and Network Upgrades ERCOT Approval: Both Texas sites have obtained ERCOT approval. Childress Connection: Complete, with substation infrastructure ready to support the full 600 MW capacity. 1,400 MW Site: Load studies completed as per LFL interconnection requirements. Network Upgrades: Required upgrades for the British Columbia (160 MW) and Childress, Texas (600 MW) sites have already been delivered. For the 1,400 MW Texas site, upgrades are to be completed by 2026. ---------- Childress Expansion Timeline Satellite Imagery in Subsequent Message Recent satellite images confirm that construction at IREN's Childress site follows a phased schedule, with approximately 20 days between the initiation of each building phase. As of May 16, 2024, Phase 2 indicated foundations laid for three buildings, while no work had commenced on the fourth. By June 18, 2024, excavation for the fourth building's foundation was completed, and concrete pouring was more than halfway finished. Trenching and conduits are already being installed for the 10th building, and grading for the rest of Block 3 is ongoing despite some rain, with the construction team efficiently handling the heavy equipment. June 27, 2024 the foundation for the 9th building was scheduled to be completed, but rain caused delays, and completion is now expected June 28. The 6th, 7th, and 8th buildings are at various stages, with progress in metallic structure, cladding, fans, electrical switchgear, and electrical distribution. The substation is nearing completion, with the commissioning team set to begin work soon, aiming for a July energization. Historically, building completion from foundation to final structure, including electrical and fan installations, averages โ‰ˆ90 days. Overall, all four buildings in Phase 2 are projected to finish by late September/October, allowing IREN to scale up to 30 EH/s @16 J/TH by year-end and add an additional 250 MW for colocation deals, joint ventures, build to-suit data centers, or expansion of their existing GPU fleet. ---------- Bitcoin Mining Operations Mining KPI Overview (Jan 2024 - May 2024) Total BTC Generated: 1,592 BTC Total BTC Sold: 1,592 BTC (100% of production) Average Production per Day: 10.49 BTC/day Average Operating Hashrate: 7.44 EH/s Current Average Operating Hashrate: 9.41 EH/s Average Monthly Mining Revenue: $18,430,600 Average Monthly Electricity Expense: $6,991,600 Average Monthly Mining Gross Profit: $11,439,000 AI Cloud Services Revenue: $1,881,000 AI Cloud Services Revenue Growth (Mar-May 2024): 118.63% ---------- Bitmain Contract Summary IREN has secured several hardware agreements for the latest-generation miners from Bitmain. Existing Agreements: These provide a hashrate of 5 EH/s with an efficiency of 19 J/TH. Amended Option Agreement: IREN can purchase either 48,000 T21 miners (providing 9 EH/s at 19 J/TH) or 48,000 S21 Pro miners (providing 11 EH/s at 15 J/TH). Pricing is $14/TH for the T21 and $18.9/TH for the S21 Pro, with option expiry dates in September 2024 and March 2025, respectively. New Purchase Agreement: This covers 51,480 S21 Pro miners, delivering an additional 12 EH/s at 15 J/TH. Pricing is $15.1/TH, with an additional deferred payment of $3.8/TH due nine months after delivery. New Option Agreement: IREN also has an option for another 51,480 S21 Pro miners, providing 12 EH/s at 15 J/TH, priced at $18.9/TH with an option expiry date in May 2025. In total, IREN's contracts with Bitmain will provide a combined hashrate of 40 EH/s with a nameplate efficiency of 15 J/TH. ---------- Additional Notes, Digital Currency Security, Pool, & Liquidation, Technology Stack Note: Mined Bitcoin is stored in a cold storage wallet managed by NYDIG Trust Company LLC. The company utilizes Foundry Digital LLCโ€™s mining pool. Daily and weekly Bitcoin sales are managed by NYDIG under an execution agreement. Note: IREN facilities utilize an in-house technology stack to optimize the performance of AI cloud services, Bitcoin mining, and energy trading operations. Note: IREN has consistently liquidated their Bitcoin daily and does not HODL, instead preferring to utilize cash instead of dilution. ---------- $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM @mikealfred @cazenove_uk @Charge_Stack @Umbisam @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 @penny_ether @McnallieM @Futur3_Th1nk3r @IREN_Ltd ---------- Congrats @danroberts0101 and Will Roberts, as-well as your team @IREN_Ltd on the incredible progress made thus far. I'm looking forward to 2027 and beyond. ๐Ÿ‘Š๐Ÿผ๐Ÿ™Œ๐Ÿผ
BertrimFin's tweet photo. $IREN (Formerly known as Iris Energy Limited) Q1-24 Deep Dive: Sankey, Hashcosts, Portfolio & Expansion, Company Overview & Projection, TradFi & Cloud Services, Mining Operations, Childress Satellite Update & More. July 1st, 2024 Hello everyone!๐Ÿ™‚ Below, I've prepared an in-depth analysis of @IREN_Ltd covering its operations in their entirety and expansive future business prospects. Please review the replies following the Sankey diagram, I've compiled an extensive expansion document addressing many frequently asked questions and concerns, which I hope will serve as a valuable reference. Note: To view the images in high-quality please right click and select open image in new tab. If you find this data useful or interesting, please consider RT/liking/following. I greatly appreciate it, and it helps me a ton. ๐Ÿ™๐Ÿผ๐Ÿ™Œ๐Ÿผ P.S. Apologies for my absence; I've been incredibly busy and haven't had the time to focus on research for extended periods. Over the past month, I've graduated from college, applied to universities, moved, and started a new job. However, my schedule is beginning to stabilize, and I'm now able to spend the time I need on these pieces. ---------- Diving In๐Ÿ’ฅ Company Overview & Projection IREN is debt-free and currently operates 260 megawatts (MW), supporting a hashrate of 10 EH/s at 25 J/TH. By H1 Q3 2024, IREN is projected to achieve 20 EH/s at 17 J/TH, expanding further to 510 MW and 30 EH/s at 16 J/TH by Q4 2024, positioning them as one of the largest and most efficient public miners in the industry. By 2025, IREN's fleet is expected to reach 40 EH/s at 15 J/TH, utilizing approximately 760 MW for Bitcoin mining. Their expansion to 20 EH/s will cost โ‰ˆ$301 million and is currently fully funded with $425.3 million in cash reserves, while the 30 EH/s and 40 EH/s expansions will utilize a mix of cash reserves, future profits, ATM proceeds, or other funding sources. By late 2026 to early 2027, IREN plans to have over 2,400 MW available for colocation deals, joint ventures, and build-to-suit data centers, as well as for expanding their existing GPU fleet. In total the company aims to exceed 3,160 MW in sustainable energy, primarily focusing on Texas, where energy rates averaged $0.033 per kWh in Q1 2024โ€”significantly lower than the $0.045 per kWh at their BC facilities. Projection Recent contracts and business operations in the high-performance computing (HPC) sector have valued purpose-built, energy-dense infrastructure between approximately โ‰ˆ$1-1.45 million per MW annually. Enabling IREN to generate $2.4 to $3.48 billion in gross revenue from their remaining 2,400 MW. Coupled with an estimated $761 million in revenue from mining operations in 2025, IREN's diversified revenue streams could potentially reach between $3.161 and $4.241 billion by 2027. It's important to note that this is just one scenario; IREN has multiple verticals to leverage, as BTC mining is highly compatible with various other in-demand opportunities. This projection also does not consider substantial increases in Bitcoin price over the next 2.5 years or the possibility of rising contract values as competition for AI and HPC infrastructure intensifies. Additionally, the market's commitment to ESG principles significantly enhances the value proposition of green compute infrastructure powered entirely by renewable energy. 2025 Mining Revenue Data Points H1 2025, $319M: 850 EH/s Network w/30 EH/s @ 16 J/TH, 100k BTC H2 2025, $442M: 900 EH/s Network, w/40 EH/s @ 15 J/TH, 110k BTC ---------- TradFi & Cloud Services @MorganStanley valued access to power at $5-$12 per watt; based on this, IREN's future portfolio would be valued between $15.8 billion and $37.92 billion. While @jpmorgan recently stated that "Iris Energy (IREN) is best positioned to take advantage of the growing HPC/AI opportunity." Cloud Services: At present, IREN's Cloud Services business will generate $14 million to $17 million annually utilizing 816 NVIDIA H100 GPUs, with 504 GPUs currently contracted with Poolside AI (3 month + 3 month option) and servicing the on-demand market, however, this should grow rapidly as revenue for the segment has grown by 118.63% from March-May 2024. @poolsideai a Paris-based generative AI company, is raising $400 million at a $2 billion valuation, backed by Bain Capital Ventures and DST. Focused on accelerating software development, Poolside's experienced team enhances IREN's cloud services potential, validating IREN's capabilities and linking them with a promising AI startup. ---------- Energy Infrastructure and Mining Operations Current Energy Infrastructure British Columbia Sites Canal Flats: 10 acres, 30 MW (0.9 EH/s), dual physical fiber paths, 20 full-time jobs, includes in-house fabrication facility. Mackenzie: 11 acres, 80 MW (2.7 EH/s), BC Hydro transmission network, 15 full-time jobs. Prince George: 12 acres, 50 MW (1.6 EH/s), dual physical fiber paths, over 20 full-time jobs, leased for 50 years with an option to purchase. Texas Sites: Childress: 600 MW capacity (4.8 EH/s), 100 MW operational, expansion to 350 MW planned for 2024 with 250 MW immediately available. West Texas Site: 1400 MW capacity, scheduled for completion in 2026. Additional Pipeline: >1000 MW capacity, TBA. Note: Located 250 miles northwest of Dallas, the Childress site supports flexible energy consumption in the West Texas Load Zone. The region has 37GW of renewable energy but only 18.5GW of transmission capacity, often limited to 12GW due to technical constraints. IREN's strategic advantage lies in its immediate access to low-cost power and an expansive land portfolio (>1000 acres), both highly valued. Their ongoing investments in site expansion also aim to unlock further value from these assets. ---------- Operations & Expansion Summary Current Operations Childress Phase 1, TX: 100 MW, 4.8 EH/s, Operating Total: 260 MW, 10 EH/s @ 25 J/TH, Operating Near-Term Expansion Q3 2024: Fleet Upgrade (+4 EH/s) and Childress Phase 2 (+100 MW, +6 EH/s; fully funded) Q4 2024: Childress Phase 3 (+150 MW, +10 EH/s; fully funded). Total: 510 MW, 30 EH/s @ 16 J/TH Future Developments H1 2025: Childress Phases 4-6 (+250 MW, +40 EH/s @ 15 J/TH) Late 2026: Development Site, TX (1,400 MW) TBA 2027: Additional Pipeline (>1,000 MW) Total Future Portfolio >3,160 MW @ $0.035/kWh, >40 EH/s @ <15 J/TH ---------- Regulatory Approvals and Network Upgrades ERCOT Approval: Both Texas sites have obtained ERCOT approval. Childress Connection: Complete, with substation infrastructure ready to support the full 600 MW capacity. 1,400 MW Site: Load studies completed as per LFL interconnection requirements. Network Upgrades: Required upgrades for the British Columbia (160 MW) and Childress, Texas (600 MW) sites have already been delivered. For the 1,400 MW Texas site, upgrades are to be completed by 2026. ---------- Childress Expansion Timeline Satellite Imagery in Subsequent Message Recent satellite images confirm that construction at IREN's Childress site follows a phased schedule, with approximately 20 days between the initiation of each building phase. As of May 16, 2024, Phase 2 indicated foundations laid for three buildings, while no work had commenced on the fourth. By June 18, 2024, excavation for the fourth building's foundation was completed, and concrete pouring was more than halfway finished. Trenching and conduits are already being installed for the 10th building, and grading for the rest of Block 3 is ongoing despite some rain, with the construction team efficiently handling the heavy equipment. June 27, 2024 the foundation for the 9th building was scheduled to be completed, but rain caused delays, and completion is now expected June 28. The 6th, 7th, and 8th buildings are at various stages, with progress in metallic structure, cladding, fans, electrical switchgear, and electrical distribution. The substation is nearing completion, with the commissioning team set to begin work soon, aiming for a July energization. Historically, building completion from foundation to final structure, including electrical and fan installations, averages โ‰ˆ90 days. Overall, all four buildings in Phase 2 are projected to finish by late September/October, allowing IREN to scale up to 30 EH/s @16 J/TH by year-end and add an additional 250 MW for colocation deals, joint ventures, build to-suit data centers, or expansion of their existing GPU fleet. ---------- Bitcoin Mining Operations Mining KPI Overview (Jan 2024 - May 2024) Total BTC Generated: 1,592 BTC Total BTC Sold: 1,592 BTC (100% of production) Average Production per Day: 10.49 BTC/day Average Operating Hashrate: 7.44 EH/s Current Average Operating Hashrate: 9.41 EH/s Average Monthly Mining Revenue: $18,430,600 Average Monthly Electricity Expense: $6,991,600 Average Monthly Mining Gross Profit: $11,439,000 AI Cloud Services Revenue: $1,881,000 AI Cloud Services Revenue Growth (Mar-May 2024): 118.63% ---------- Bitmain Contract Summary IREN has secured several hardware agreements for the latest-generation miners from Bitmain. Existing Agreements: These provide a hashrate of 5 EH/s with an efficiency of 19 J/TH. Amended Option Agreement: IREN can purchase either 48,000 T21 miners (providing 9 EH/s at 19 J/TH) or 48,000 S21 Pro miners (providing 11 EH/s at 15 J/TH). Pricing is $14/TH for the T21 and $18.9/TH for the S21 Pro, with option expiry dates in September 2024 and March 2025, respectively. New Purchase Agreement: This covers 51,480 S21 Pro miners, delivering an additional 12 EH/s at 15 J/TH. Pricing is $15.1/TH, with an additional deferred payment of $3.8/TH due nine months after delivery. New Option Agreement: IREN also has an option for another 51,480 S21 Pro miners, providing 12 EH/s at 15 J/TH, priced at $18.9/TH with an option expiry date in May 2025. In total, IREN's contracts with Bitmain will provide a combined hashrate of 40 EH/s with a nameplate efficiency of 15 J/TH. ---------- Additional Notes, Digital Currency Security, Pool, & Liquidation, Technology Stack Note: Mined Bitcoin is stored in a cold storage wallet managed by NYDIG Trust Company LLC. The company utilizes Foundry Digital LLCโ€™s mining pool. Daily and weekly Bitcoin sales are managed by NYDIG under an execution agreement. Note: IREN facilities utilize an in-house technology stack to optimize the performance of AI cloud services, Bitcoin mining, and energy trading operations. Note: IREN has consistently liquidated their Bitcoin daily and does not HODL, instead preferring to utilize cash instead of dilution. ---------- $MARA $CLSK $PHX.AE $RIOT $CIFR $HUT $IREN $BTDR $WULF $BITF $CORZ $HIVE $BTBT $CAN $ARBK $GRDI.NE $GRYP $SDIG $GREE $BTCM @mikealfred @cazenove_uk @Charge_Stack @Umbisam @Invst_Informant @Freedom_By_40 @sebastian_ski @mithcoons @Micro2Macr0 @penny_ether @McnallieM @Futur3_Th1nk3r @IREN_Ltd ---------- Congrats @danroberts0101 and Will Roberts, as-well as your team @IREN_Ltd on the incredible progress made thus far. I'm looking forward to 2027 and beyond. ๐Ÿ‘Š๐Ÿผ๐Ÿ™Œ๐Ÿผ
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