Iris Energy, a bitcoin mining company powered mainly by renewable energy, has filed for an Initial Public Offering with the U.S. SEC worth $100M.

The mining company is a Bitcoin mining company that builds and operates data center and electrical infrastructure for the mining of bitcoin using renewable energy sources. Iris energy will list on the Nasdaq under the ticker IREN. The company confidentially submitted a draft registration statement on Form F-1 with the U.S. SEC in late August 2021.

The company targets entry into regions where there are cheap, abundant, and renewable energy sources. Its mining operations generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operations of its ASICs.

Iris Energy aims to be the global leader in sustainable bitcoin mining, and acquired a site in British Columbia, Canada, in Jan 2020. The site, formally a lumber mill, is connected to the British Columbia Hydro and Power Authority electricity transmission network. Iris Energy’s use of this power brings stability to the grid and brings job opportunities and economic support to the Canal Flats community in British Columbia.

Iris Energy mines bitcoin using excess energy when most people don’t want it and the market does not value it. The company’s position is at the lower end of the bitcoin mining cost curve, which allows it to benefit from bitcoin price falls, when miners with high costs are getting squeezed.

Iris Energy was founded in 2018, and made $17M in revenue for the 12 months ended September 30, 2021.

The company raised AUD$110M in early 2021 with Platinum Asset Management and a U.S. hedge fund as shareholders, amongst others, and has secured additional data center development sites and new computing hardware, which, with more funding, will expand its hashing capacity of 4.5 EH/s, or 180 MW, which will take them to No 3 in the global market. Iris Energy recently acquired the latest generations and best-in-class efficiency Antminer S19j Pro from Bitmain.

Iris Energy joins an interesting space of publicly-listed sustainable miners jockeying for supremacy. Another mining company, Pennsylvania-based Stronghold Digital Mining, filed for an IPO and Nasdaq listing. The company burns abandoned coal stockpiles in Pennsylvania in a controlled way to generate electricity for mining, and to sell to the grid in times of increased demand. Their hashrate is below Iris Energy, at 185 petahash per second.

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