IREN Joins Bitcoin Mining Peers in Surpassing 50 EH/s Milestone

Iris Energy (IREN) has become the latest public bitcoin miner to surpass 50 EH/s of installed hashrate capacity, following recent milestones by CleanSpark and Cango.

The company announced Tuesday that its 750-megawatt Childress facility in Texas now accounts for the bulk of its growth, with 650 MW operational. IREN also said that the site will serve as the launchpad for a 50 MW liquid-cooled AI data center, scheduled for deployment in Q4 2025.

IREN’s hashrate surge comes amid an aggressive expansion cycle by leading U.S.-listed miners, collectively driving Bitcoin’s network hashrate to nearly 950 EH/s last month before falling back to around 850 EH/s due to summer-related curtailments.

With the addition of IREN, the combined hashrate of MARA, CleanSpark, Cango, and IREN now exceeds 200 EH/s—more than 20% of the Bitcoin network.

Having reached its 50 EH/s target, IREN said it will now pause further mining expansion and shift focus to building out high-performance compute infrastructure for AI workloads.

“With 50 EH/s of mining expansion complete, we’re now turning to our next frontier—scaling AI infrastructure across high-growth compute markets,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.

To support its pivot, IREN recently raised over $500 million through a convertible bond offering. However, its high-performance computing business remains in its early stages, generating under $10 million in revenue for the nine months ended March 31.