Bitcoin Mining Stock Iris Energy Is Trading Higher: What’s Going On? – Iris Energy (NASDAQ:IREN)

Iris Energy Ltd (NASDAQ:IREN) stock is trading higher. The company on Thursday issued its monthly operations update.

The Details: Iris Energy announced that it mined 230 Bitcoin (CRYPTO: BTC) in May, down from 358 in April and 353 in March. The lower mining total was due to reduced block subsidy following April’s halving event.

Iris said it had an average operating hashrate of 9.4 EH/s in May. That number is up to 10 EH/s as of the time of the release. The company also increased its 2024 expansion plans to 30 EH/s after securing an order for the latest-generation Bitmain S21 miners. Iris also noted that it has miners secured to support 40 EH/s in the first half of 2025.

In terms of AI cloud services, Iris highlighted that it had 816 NVIDIA Corp (NASDAQ:NVDA) H100 GPUs operating in May, which generated between an estimated $14 million and $17 million in annualized hardware profit.

Iris noted that it’s engaged in ongoing conversations with respect to both cloud and colocation solutions. The company also said it’s exploring growth financing opportunities. Iris currently has $322 million in cash, up from $259.7 million as of March 31.

Iris Energy’s Analyst Day and Investor Event is scheduled for July 23.

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IREN Price Action: Iris Energy shares were up 11.9% at $10.12 at the time of publication, per data from Benzinga Pro.

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