2024-02-26 11:11

Iris Energy Limited (dba IREN) (IREN) (together with its subsidiaries, “IREN” or “the Company”), a leading next-generation data center business powering the future of Bitcoin, AI and beyond, today provided a business update. IREN is pleased to provide an update on its expansion to 20 EH/s in 2024: About IREN IREN is a leading next-generation data center business powering the future of Bitcoin, AI and beyond utilizing 100% renewable energy. Contacts To keep updated on IREN’s news releases and SEC filings, please subscribe to email alerts at https://investors.iren.com/ir-resources/email-alerts. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or IREN’s future financial or operating performance. For example, forward-looking statements include but are not limited to the Company’s business strategy, expected operational and financial results, and expected increase in power capacity and hashrate. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,” “plan,” “possible,” “project,” “strive,” “budget,” “forecast,” “expect,” “intend,” “target”, “will,” “estimate,” “predict,” “potential,” “continue,” “scheduled” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause IREN’s actual results, performance or achievements to be materially different from any future results performance or achievements expressed or implied by the forward looking statements, including, but not limited to: Bitcoin price and foreign currency exchange rate fluctuations; IREN’s ability to obtain additional capital on commercially reasonable terms and in a timely manner to meet our capital needs and facilitate its expansion plans; the terms of any future financing or any refinancing, restructuring or modification to the terms of any future financing, which could require IREN to comply with onerous covenants or restrictions, and its ability to service its debt obligations; IREN’s ability to successfully execute on its growth strategies and operating plans, including its ability to continue to develop its existing data center sites and its ability to diversify into the market for High Performance Computing (“HPC”) solutions; IREN’s limited experience with respect to new markets it has entered or may seek to enter, including the market for HPC solutions; expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any HPC solutions that IREN offers; IREN’s ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to its strategy to expand into HPC solutions; IREN’s limited experience with respect to new markets it has entered or may seek to enter, including the market for HPC solutions; expectations with respect to the ongoing profitability, viability, operability, security, popularity and public perceptions of the Bitcoin network; expectations with respect to the profitability, viability, operability, security, popularity and public perceptions of any HPC solutions IREN offers; IREN’s ability to secure and retain customers on commercially reasonable terms or at all, particularly as it relates to its strategy to expand into HPC solutions; IREN’s ability to manage counterparty risk (including credit risk) associated with any current or future customers and other counterparties; IREN’s ability to secure renewable energy, renewable energy certificates, power capacity, facilities and sites on commercially reasonable terms or at all; the risk that any current or future customers or counterparties may terminate, default on or underperform their contractual obligations; Bitcoin global hashrate fluctuations; delays associated with, or failure to obtain or complete, permitting approvals, grid connections and other development activities customary for greenfield or brownfield infrastructure projects; our reliance on power utilities providers, third party mining pools, exchanges, banks, insurance providers and our ability to maintain relationships with such parties; expectations regarding availability and pricing of electricity; IREN’s participation and ability to successfully participate in demand response products and services and other load management programs run, operated or offered by electricity network operators, regulators or electricity market operators; the availability, reliability and/or cost of electricity supply, hardware and electrical and data center infrastructure, including with respect to any electricity outages and any laws and regulations that may restrict the electricity supply available to IREN; any variance between the actual operating performance of IREN’s hardware achieved compared to the nameplate performance including hashrate; IREN’s ability to curtail its electricity consumption and/or monetize electricity depending on market conditions, including changes in Bitcoin mining economics and prevailing electricity prices; actions undertaken by electricity network and market operators, regulators, governments or communities in the regions in which IREN operates; the availability, suitability, reliability and cost of internet connections at IREN’s facilities; IREN’s ability to secure additional hardware, including hardware for Bitcoin mining and HPC solutions it may offer, on commercially reasonable terms or at all, and any delays or reductions in the supply of such hardware or increases in the cost of procuring such hardware; expectations with respect to the useful life and obsolescence of hardware (including hardware for Bitcoin mining as well as hardware for other applications, including HPC solutions IREN may offer); delays, increases in costs or reductions in the supply of equipment used in IREN’s operations; IREN’s ability to operate in an evolving regulatory environment; IREN’s ability to successfully operate and maintain its property and infrastructure; reliability and performance of IREN’s infrastructure compared to expectations; malicious attacks on IREN’s property, infrastructure or IT systems; IREN’s ability to maintain in good standing the operating and other permits and licenses required for its operations and business; IREN ability to obtain, maintain, protect and enforce its intellectual property rights and other confidential information; whether the secular trends IREN expects to drive growth in its business materialize to the degree it expects them to, or at all; the occurrence of any environmental, health and safety incidents at IREN’s sites, and any material costs relating to environmental, health and safety requirements or liabilities; damage to our property and infrastructure and the risk that any insurance IREN maintains may not fully cover all potential exposures; ongoing proceedings relating to the default by two of IREN’s wholly-owned special purpose vehicles under limited recourse equipment financing facilities; ongoing securities litigation relating in part to the default; and any future litigation, claims and/or regulatory investigations, and the costs, expenses, use of resources, diversion of management time and efforts, liability and damages that may result therefrom; our failure to comply with any laws including the anti-corruption laws of the United States and various international jurisdictions; any failure of our compliance and risk management methods; any laws, regulations and ethical standards that may relate to IREN’s business, including those that relate to Bitcoin and the Bitcoin mining industry and those that relate to any other solutions we may offer (such as HPC solutions), including regulations related to data privacy, cybersecurity and the storage, use or processing of information; any intellectual property infringement and product liability claims; our ability to attract, motivate and retain senior management and qualified employees; increased risks to our global operations including, but not limited to, political instability, acts of terrorism, theft and vandalism, cyberattacks and other cybersecurity incidents and unexpected regulatory and economic sanctions changes, among other things; climate change, severe weather conditions and natural and man-made disasters that may materially adversely affect our business, financial condition and results of operations; the ongoing effects of COVID-19 or any other outbreak of an infectious disease and any governmental or industry measures taken in response; our ability to remain competitive in dynamic and rapidly evolving industries; damage to our brand and reputation; expectations relating to Environmental, Social and Governance issues or reporting; the costs of being a public company; and other important factors discussed under the caption “Risk Factors” in IREN’s annual report on Form 20-F filed with the SEC on September 13, 2023 as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investor Relations section of IREN’s website at https://investors.iren.com. These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that IREN makes in this press release speaks only as of the date of such statement. Except as required by law, IREN disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise. __________________ 1 Comprised of miner purchase options with Bitmain for 9 EH/s of T21 miners plus additional miner purchases of 1 EH/s. Decisions with respect to Childress expansion and exercising all, some or none of the miner purchase options will be made during 2024, taking into consideration market conditions, shareholder value and funding availability. In addition, the Company retains flexibility to utilize miner purchase options for purposes of upgrading some or all of its existing fleet. Source: IRIS ENERGY LIMITED https://www.investing.com/news/cryptocurrency-news/iris-energy-issues-20-ehs-expansion-update-432SI-3314889

2024-02-26 10:59

Copyrighted Image by: Reuters. Investing.com - The Brent crude contract has traded in a pretty tight range of late, and Goldman Sachs expects a $70-$90 a barrel range to continue for the foreseeable future as oil price volatility has fallen to pre-Covid lows, despite the tensions surrounding the Red Sea tanker attacks. This muted volatility despite the ongoing conflicts in the oil-rich Middle East reflects three main reasons, the influential investment bank said, in a note dated Feb. 25. Firstly, the geopolitical risk premium remains modest, with only a $2/bbl boost to Brent from Red Sea disruptions and unaffected crude production. Secondly, the pillars of the OPEC range framework remain in place as elevated spare capacity limits upside price risk, while the OPEC put limits downside risk. Saudi Arabia’s decision not to increase its capacity and the decline in the elasticity of U.S. supply on shale consolidation suggest that Saudi Arabia has both the will and the means to support prices. Finally, robust non-OPEC supply growth is likely to nearly keep pace with solid global demand growth. “We still expect demand to grow 1.5mb/d in 2024, with a downgrade in China on weakness in our nowcast but upgrades in India and the U.S.,” said analysts at Goldman. “We still expect OPEC+ to extend cuts through 2024Q2, and to only gradually and partially phase out the latest package starting in 2024Q3.” https://www.investing.com/news/commodities-news/goldman-sticks-with-brent-trading-range-citing-muted-volatility-3314857

2024-02-26 09:04

Copyrighted Image by: Reuters. Investing.com - The U.S. dollar steadied in early European trade Monday, but remained elevated at the start of a week dominated by key inflation releases, including the Federal Reserve’s favorite gauge. At 04:05 ET (09:05 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded marginally lower at 103.832, having bounced from the 103.43 level seen at the end of last week, the lowest since Feb. 2. Dollar awaits key inflation gauge The dollar recorded its first weekly loss in 2024 last week, but remained within sight of three-month highs, as a chorus of Federal Reserve officials warned that the bank was in no hurry to begin trimming interest rates early, especially as inflation remained sticky. PCE price index data, which is the Fed’s preferred inflation gauge, is set to provide more cues on inflation this week, amid expectations for a 0.4% increase on a monthly basis. Several more Fed officials are also expected to speak this week and likely reiterate the outlook of higher-for-longer interest rates. “FX has been trapped in a narrow range. US data have been even stronger than our robust expectations, and both markets and Fed speakers have evolved to acknowledge there appears to be no rush to ease policy,” said analysts at Goldman Sachs, in a note dated Feb. 23. Eurozone inflation looms large In Europe, EUR/USD traded 0.2% higher at 1.0835, with the euro posting small gains ahead of Friday’s closely watched eurozone inflation data, the last such reading before the upcoming European Central Bank meeting on March 7. Economists are expecting an annual reading of 2.5% for February, dropping from 2.8% in January, moving back towards the ECB’s 2% target after soaring to double digits in 2022. Inflation reports from Germany, France and Spain are due on Thursday, ahead of the main release. “A higher-than-expected inflation report … would likely push the currency back towards pre-payrolls levels (around 1.09) and severely dampen the chance of policy divergence in the first half of the year,” Goldman added. GBP/USD traded 0.1% lower at 1.2672, with sterling still hit by the drop in U.K. consumer confidence at the end of last week. U.K. inflation continues to run at levels above the Bank of England’s 2% medium-term target, suggesting the BOE is still likely to lag the Federal Reserve and the European Central Bank when it comes to rate cuts. Yen still weak ahead of Japanese CPI release In Asia, USD/JPY traded 0.1% higher to 150.59, with the yen still well above the 150 level and remaining close to three-month lows. Focus this week was squarely on Japanese consumer price index data for January, due on Tuesday. The reading is expected to show core inflation falling within the Bank of Japan’s 2% annual target range, giving the central bank even less impetus to begin aggressively tightening policy. USD/CNY edged 0.1% higher to 7.1985, following a stronger-than-expected midpoint fix from the People’s Bank. Sentiment towards Chinese markets remained largely on edge before more cues on China’s economy, from purchasing managers index data for February, due later this week. Concerns over a slowing economic recovery were a key weight on the yuan in recent months, keeping the currency in sight of a three-month low. https://www.investing.com/news/forex-news/dollar-steadies-ahead-of-pce-data-euro-drifts-higher-3314695

2024-02-26 05:15

Copyrighted Image by: Reuters. Investing.com-- Gold prices retreated in Asian trade on Monday, remaining well within a recent trading range as anxiety over higher-for-longer U.S. rates grew in anticipation of key economic readings. The yellow metal failed to make any major price headway in recent weeks as a string of Federal Reserve officials warned that the bank was in no hurry to cut interest rates. Signs of sticky U.S. inflation and resilience in the job market furthered this notion, with traders now steadily pricing out chances of rate cuts in May and June. Still, some safe haven demand for gold helped limit losses in the yellow metal. Signs of a recession in Japan and the UK, coupled with continued geopolitical disruptions in the Middle East fed into safe haven demand. Spot gold fell 0.2% to $2,032.32 an ounce, while gold futures expiring in March fell 0.4% to $2,041.85 an ounce by 23:52 ET (04:52 GMT). PCE inflation, GDP data in focus Focus was now squarely on U.S. PCE price index data- the Fed’s preferred inflation gauge- which is due later this week. The reading is expected to offer more cues on U.S. inflation after a series of sticky readings for December and January. Several Fed officials are also set to speak later this week, and are expected to largely reiterate the bank’s outlook for higher-for-longer rates, amid concerns over high inflation. Beyond the PCE data, a second reading on fourth-quarter gross domestic product is also due this week, and is expected to show some cooling in U.S. economic growth. But not to an extent that warrants early interest rate cuts. Higher-for-longer rates bode poorly for gold prices, given that they increase the opportunity cost of investing in the yellow metal. Other precious metals also retreated on this notion. Platinum futures expiring April fell 0.7% to $901.35 an ounce, while silver futures expiring May fell 0.5% to $23.078 an ounce. Copper retreats, China PMI test awaited Among industrial metals, copper prices fell slightly on Monday, retreating from recent gains as markets awaited more key economic signals from China this week. Copper futures expiring in May fell 0.2% to $3.8760 a pound. Focus this week is largely on purchasing managers index data from top copper importer China, which is expected to offer more cues on a potential economic recovery in the country. Chinese media reports offered some positive cues. Chinese President Xi Jinping in a recent address emphasized on the importance of logistics and supply chains for the Chinese economy, while also promoting a new round of equipment renewals in the country, which could help increase industrial and factory activity. https://www.investing.com/news/commodities-news/gold-prices-rangebound-as-rate-fears-persist-inflation-cues-awaited-3314577

2024-02-26 03:46

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies fell on Monday, while the dollar regained some ground as investors hunkered down before a barrage of cues on interest rates and U.S. inflation due later this week. Anticipation of several regional economic cues- particularly Japanese inflation and Chinese purchasing managers index data- also kept traders on edge, especially amid growing anxiety over slowing growth in the region’s largest economies. Japanese yen hovers above 150, CPI data awaited The yen moved little on Monday, but hovered well above the 150 level to the dollar and remained close to three-month lows. Focus this week was squarely on Japanese consumer price index (CPI) data for January, due on Tuesday. The reading is expected to show core inflation falling within the Bank of Japan’s 2% annual target range, giving the central bank even less impetus to begin aggressively tightening policy. This notion has been a key weight on the yen in recent months, especially with U.S. rates likely to remain higher for longer. But further losses in the yen were limited by the threat of potential government intervention, given that levels above 150 have attracted intervention in the past. Dollar firms with PCE inflation, Fed cues in focus The dollar index and dollar index futures both rose 0.1% in Asian trade on Monday, after clocking their first weekly loss in 2024. But the greenback remained within sight of three-month highs, as a chorus of Federal Reserve officials warned that the bank was in no hurry to begin trimming interest rates early, especially as inflation remained sticky. PCE price index data- which is the Fed’s preferred inflation gauge- is expected to provide more cues on inflation this week. Several more Fed officials are also expected to speak this week and likely reiterate the outlook of higher-for-longer interest rates. Such a scenario bodes poorly for Asian markets, given that it limits the appeal of high-yielding, high-risk assets. Most regional currencies fell on Monday, with the Australian dollar and South Korean won both losing 0.1% each. Australian CPI data for January is also due this week. The Indian rupee was flat, while the Singapore dollar shed 0.1%. Chinese yuan treads water before PMI test The Chinese yuan moved little on Monday following a stronger-than-expected midpoint fix from the People’s Bank. Sentiment towards Chinese markets remained largely on edge before more cues on China’s economy, from purchasing managers index data for February, due later this week. Concerns over a slowing economic recovery were a key weight on the yuan in recent months, keeping the currency in sight of a three-month low. https://www.investing.com/news/forex-news/asia-fx-weakens-dollar-rises-with-more-rate-inflation-cues-on-tap-3314536

2024-02-26 01:44

Copyrighted Image by: Reuters. Investing.com-- Oil prices settled higher Monday, as investors weighed rising tensions in the Red Sea and Middle East against ongoing demand concerns amid likely higher-for-longer U.S. interest rates. By 14:30 ET (19:30 GMT), the U.S. crude futures rose 1.4% to $77.58 a barrel and the Brent contract added 1.1% to $82.53 a barrel. US-UK launch fresh air strikes on Houthis in Yemen Tensions in the Red Sea continued to escalate after the UK and U.S. launched fresh strikes on Iran-backed Houthis rebels in the Red Sea. The fresh strikes come in the wake of recent threats from Houthis of a stepping in attacks on vessels in the region as a show of solidarity with the Palestinians amid the ongoing Israel-Gaza war. The trade lane though the Red Sea is a "vital corridor for shipping oil and oil products from the Persian Gulf to Europe and the US," ING said. Inflation, rate cues on tap The focus this week will be on a string of key economic readings, as well as more signals from the Federal Reserve on the path of interest rates. Inflation data from several major economies are due this week, including Japan, Australia, the eurozone and the U.S. In the case of the U.S., PCE price index data--the Fed’s preferred inflation gauge--is due later in the week, and is also expected to factor into the central bank’s plans for interest rates later in 2024. Traders were seen largely pricing out chances of rate cuts in May and June, as a chorus of Fed officials warned that the bank was in no hurry to begin trimming rates. Comments from several more Fed officials are also on tap later this week. U.S. GDP, China PMIs awaited There is also a second reading on U.S. fourth-quarter gross domestic product this week, which is expected to reiterate that while economic growth remained ahead of its developed-world peers, it still slowed from the prior quarter. But growth is still expected to remain robust enough to keep U.S. interest rates higher for longer. Purchasing managers index data from China are also due later this week, and should provide more cues on a slowing economic recovery in the country. But a string of recent stimulus measures, as well as signs of some pick-up in consumer spending drummed up hopes over a sustained economic recovery in the world’s largest oil importer. Goldman sees rangebound trading Goldman Sachs expects a $70-$90 a barrel range in the Brent contract to continue for the foreseeable future as oil price volatility has fallen to pre-Covid lows. This muted volatility despite the ongoing conflicts in the oil-rich Middle East reflects three main reasons, the influential investment bank said, in a note dated Feb. 25. Firstly, the geopolitical risk premium remains modest, with only a $2/bbl boost to Brent from Red Sea disruptions and unaffected crude production. Secondly, the pillars of the OPEC range framework remain in place as elevated spare capacity limits upside price risk, while the OPEC put limits downside risk. Saudi Arabia’s decision not to increase its capacity and the decline in the elasticity of U.S. supply on shale consolidation suggest that Saudi Arabia has both the will and the means to support prices. Finally, robust non-OPEC supply growth is likely to nearly keep pace with solid global demand growth. https://www.investing.com/news/commodities-news/oil-prices-fall-further-after-bruising-week-econ-data-deluge-awaited-3314517