IREN’s Bitcoin Mining Revenue Skyrockets in FY24, Surging Over 140%

In a stellar fiscal year 2024, IREN more than doubled its Bitcoin mining revenue, jumping from $75.5 million in FY23 to an impressive $184.1 million in FY24, as reported by Ultramining.com. This surge highlights IREN’s successful expansion and operational efficiency in the fiercely competitive cryptocurrency mining industry.

The revenue boost is largely credited to IREN’s strategic expansion of its mining infrastructure. Over the past year, the company ramped up its operational hashrate by 66%, increasing from 6.6 EH/s to 9.3 EH/s. This significant increase in computing power enabled IREN to mine 4,191 BTC, marking a 29% rise from the 3,259 BTC mined the previous year. The expansion was driven by the acquisition of advanced mining equipment and the deployment of state-of-the-art data centers, solidifying IREN’s position as a leading player in the global Bitcoin mining market.

Additionally, IREN’s strategic move to diversify its energy sources by securing renewable energy certificates and optimizing power consumption has been pivotal in boosting profitability. The company’s effective management of electricity costs, a major component of mining expenses, has provided a strong foundation for this remarkable revenue growth.