“Bitcoin mining is paving the way for the future of low cost high-performance computing. Rather than locating in expensive capital city locations, Iris Energy’s data centers are optimising both capex and opex by locating in regions with an abundance of surplus renewable energy, electrical infrastructure and fiber networking.”
Daniel Roberts, Co-Founder, Iris Energy
Iris Energy – Details of the Deal
By 2030, up to 51% of global electricity usage will be dedicated to communication technology, with unprecedented demand forecasted for data center infrastructure (270GW estimated to be required over 10 years). The explosive growth in high-performance computing (HPC) is driving a major shift towards location agnostic, low-cost data center infrastructure.
Bitcoin mining’s resilient cash flow and profitability today is underwriting the build-out of this critical data center & energy infrastructure, paving the way for low-cost HPC and providing Iris Energy with the capacity to leverage its platform into multiple growth markets, e.g. Data Analytics, Artificial Intelligence, Machine Learning, Smart Cities (IoT) and Rendering / Visualisation.
- Successful team with execution track record across energy, infrastructure, construction, finance and digital assets.
- Strong Government relationships and 750MW near-term growth pipeline across Western Canada powered by renewables.
- Track record of delivery with 6MW data center already operating, 3MW under construction and pipeline ready for immediate expansion.
- Vertically integrated with in-house design, development, technical and operational capabilities.
- Forefront of high-performance computing evolution; designing for next-gen energy efficiency and optimal environments for super-computing.
The Iris Energy team is comprised of experienced business builders who carry deep industry expertise across construction, infrastructure, finance, data centers, digital assets, technology and global energy markets.
- Dan Roberts– Recently exited as 2nd largest individual shareholder in Palisade Investment Partners (Australian infrastructure fund manager with A$8bn AUM)
- Will Roberts – Co-established Macquarie’s Digital Assets team (incl. onboarding CME bitcoin futures and principal investment in bitcoin miner Bitfury’s US$80m capital raising)
- Brian Fehr – Order of British Columbia, founded and built the billion-dollar BID Group (operating in construction, fabrication and energy solutions)
- Brian Fry – Technology entrepreneur, co-founded and grew RackForce into Canada’s largest enterprise cloud hosting provider
To scale a high-performance data center platform powered by renewables and underwritten by bitcoin mining; paving the way for low-cost HPC and emerging supercomputing applications.
- First seed raising and first hardware deployment in the US in April 2019
- First Canada contract with PodTech (6MW) in September 2019
- Acquired PodTech’s 30MW British Columbia project, fabrication facility, management team and proprietary data center design in December 2019
- MoU with Dell to explore HPC applications in March 2020
- Commenced construction of third 3MW data center and commissioning of additional 20MW transformer (increasing total capacity to 30MW) in Q2 2020