Iris Energy - Undervalued with a Growth Strategy

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Iris Energy Limited (NASDAQ:IREN)

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NASDAQ:IREN Iris Energy Limited

Iris doesn't provide monthly updates so we'll have to track their growth over a quarterly basis. Here are some of the Key Highlights from the most recent update :

1.6 EH/s acquisition of new-generation Bitmain T21 miners (19 J/TH)
$14/TH purchase price ($22.3 million)1
Fulfills the Company's goal of expanding self-mining capacity to 10 EH/s:
Current: 5.6 EH/s operating
Shipping Q1 2024: 1.4 EH/s Bitmain S21 miners
Shipping Q1 2024: 1.3 EH/s Bitmain T21 miners
Shipping Q2 2024: 1.6 EH/s Bitmain T21 miners
80MW expansion at Childress is on track, supporting the increase in operating hashrate from 5.6 EH/s to 10 EH/s
Improved overall fleet efficiency from 29.5 J/TH to 24.8 J/TH
Iris Energy is acquiring 8,380 new-generation T21 miners from Bitmain Technologies Delaware Limited for a purchase price of $14/TH ($22.3 million, payable in progressive instalments). Shipping is scheduled for Q2 2024.

Iris Energy has no debt, plans to grow to 30 exahash, no HODL strategy (100% of Bitcoin mined is sold) and are also pursuing an AI strategy in 2024. I'll be interested in adding more shares if we can get back to the 5-6 area.

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One correction to my post. Iris only provides semi annual updates. Not quarterlies or monthlies. Apologies

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Dip buys started Algo target will drive this up.

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618 may be a bit of hopium. I am accumulating any time we make attempts in the 5s

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Purchase agreement in place for IRIS Energy.

Key takeaways :Immediate focus on completing current expansion to 10 EH/s
10 EH/s of new Bitmain T21 miners secured for 2024 at a fixed price of $14/TH1:
1 EH/s additional purchase to initiate growth beyond 10 EH/s
9 EH/s of miner purchase options exercisable in H2 2024
Childress project can support expansion to 20 EH/s by end of the year

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Testing the lower bound now. Went a bit deeper than I would like. Was hoping for similar price action to MARA and CLSK. Not concerned. Added some shares yesterday

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Lots of business at this level. Quite a big range of accumulation

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This section on Bitcoin miners made me think about Iris Energy's approach to the 100% sell strategy. I do feel this is getting beaten down for no particular reason other than that. The company has practically zero debt, good uptime, cost to mine and a clear path to get to 20 exashash, with further growth to 30 announced last year.

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Notice the pivots I am using for the .50
Lots of algo activity and current price is behaving inorganically.

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Signs of life finally!. Modified schiff to adjust for time

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Earnings coming soon. I would not be surprised to see this trading at 12 dollars js.

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Heavily manipulated! 🍿

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887 tapped. Bears Cooked

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Pretty decent wick on the weekly. Sub 6 inbound

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If this stays elevated, I will wait for adds later. Not enough of a pullback for me on IREN

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Sub 6s by tomorrow? Looking for discounts on IREN and CLSK first. Especially cause IREN and the sideways

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Bids Here

✌️

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Haven't updated my IREN but we still here! How to read this chart? The downward fork median will be support. When price action is super choppy like IREN's macro, resort to geometry. Look for median line failures. Helpful tip

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Two 786's for IREN. Doesn't surprise me with with this horrible macro price action. IREN updated their growth plans and now all of a sudden its being valued properly? meh, I dont every try to associate a news story with price action. Here are they key updates!

IREN reported that its 2024 expansion is now fully funded with $301 million in cash and no debt. The company said it will have 460 MW of data center capacity and 20 EH/s of Bitcoin mining capacity in 2024, with 8 EH/s currently operating and 12 EH/s additional capacity to be progressively shipped and installed over the next nine months.
The company expects its 20 EH/s of Bitcoin mining capacity to generate approximately $269 million of annualized hardware profit (post-halving).
Cantor Fitzgerald analyst Josh Siegler reiterated Iris Energy with an Overweight and maintained a $10 price target on the stock Monday.