IREN (NASDAQ: IREN) just became the latest publicly traded Wall Street Bitcoin (BTC) miner to significantly increase its revenue over the past year, benefiting from high cryptocurrency prices. For the fiscal year ending June 30, 2024, revenue grew by 145%, while the amount of BTC mined increased by 30%.
IREN cuts net loss sixfold in 2024
The company reported record Bitcoin mining revenue of $184.1 million, up from $75.5 million in the previous fiscal year. This significant growth was driven by an increase in operational hashrate and higher Bitcoin prices. IREN mined 4,191 Bitcoin during the year, compared to 3,259 in FY23.
Adjusted EBITDA also showed significant improvement, reaching $54.7 million compared to $1.4 million in the prior year. The company’s EBITDA turned positive at $19.6 million compared to a loss of $123.2 million in fiscal 2023.
As a result, the net loss of almost US$172 million compared to the previous year was reduced to US$29 million.
“We are pleased to report our full financial results for FY24, which highlight continued growth in revenue, profit and cash flow,” said Daniel Roberts, co-founder and co-CEO of IREN. “Our guidance for 2024 remains unchanged. With 15 EH/s set, we are well on track to reach 20 EH/s next month and 30 EH/s this year.”
Among the companies that recently reported revenue growth is Argo Blockchain, which saw its financial results grow by 18% in the first half of 2024, despite a 50% drop in the number of cryptocurrencies mined.
AI Movement
Like a number of other companies in the sector, IREN recently reported progress in its AI cloud services business, generating revenue of US$3.1 million from multiple clients in the reserved and on-demand markets.
The company’s expansion plans remain on track, with the data centre’s capacity expected to reach 510 MW by the end of 2024. IREN has also secured 2,310 MW of grid-connected power over the past 12 months, positioning it for future growth.
Looking ahead, IREN is set to increase its Bitcoin mining capacity to 30 EH/s by the end of 2024, having already installed 15 EH/s. The company has also secured a path to reach 50 EH/s through existing purchase options for Bitmain S21 Pro miners.
Good results are one thing, but Wall Street’s Bitcoin mining giants are still feeling the effects of the halving. Their mining revenues fell another 12% in July. This continues the backlash from the April halving, which reduced block rewards, coupled with low network fees and rising production costs. According to a recent report from JPMorgan, this is making it difficult for miners to remain profitable.
