Iris Energy Stock Climbs After FY24 Results: 4,191 Bitcoin Mined, Record Mining Revenue And More
Portfolio Pulse from Erica Kollmann
Iris Energy Limited (NASDAQ:IREN) reported strong fiscal-year results with record Bitcoin mining revenue of $184.1 million, up from $75.5 million last year. The company increased its self-mining capacity and mined a record 4,191 Bitcoin. Iris Energy's shares rose 5.12% after the announcement.
August 28, 2024 | 9:42 pm
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Iris Energy reported record fiscal-year Bitcoin mining revenue of $184.1 million, driven by increased operating hash rate and higher Bitcoin prices. The company mined 4,191 Bitcoin, up from 3,259 last year, and increased its self-mining capacity. Shares rose 5.12% after the announcement.
The record revenue and increased mining capacity indicate strong operational performance, which is likely to positively impact the stock price. The 5.12% rise in shares after-hours reflects investor confidence in the company's growth trajectory.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100