IREN, the Bitcoin mining firm, which is also listed on Nasdaq and closely followed by many financial research companies, announced its figures for the last year. As of 30 June, the company announced that it has achieved a record revenue of $184.1 million in the last 1 year, which is 144% more than the $75 million level in 2023.

New devices will start working

During this period, the hash rate capacity increased from 5.6 exahash per second to 10 exahash per second. IREN estimates that this level will increase to 30 exahash by the end of 2024 with the start of the new technology Bitmain S21 XP mining devices.

AI increased revenues

IREN also stated that it obtained $3.1 million from artificial intelligence cloud services. As it is known, the company provides services to companies working on artificial intelligence through power units in data centres. However, the company’s electricity cost increased from $35 million to $76 million.

The company currently holds $400 million in cash and cash equivalent assets.

The number of Bitcoin issued also increased

The number of Bitcoins mined by the company has also increased significantly. Despite the increasing difficulty of mining, the number of BTC obtained by IREN has increased from 3259 to 4191 in the last 1 year.

Bernstein had taken it to the watch list

The company, formerly known as Iris Energy, came back from the brink of bankruptcy in the crypto crisis in 2022.

Finally, Bernstein analysts stated that they closely follow the developments in IREN and Core Scientific companies and expect a good performance from both companies in the coming period. Bernstein analysts stated that they expect serious rises in the shares of the two Bitcoin miner companies.