August 202019 power with a number of near-term growth opportunities in their sights. "Bitcoin mining is paving the way for the future of low-cost HPC. Rather than locating in expensive capital city locations, Iris Energy's data centers are optimizing both capex and opex by locating in regions with an abundance of surplus renewable energy, electrical infrastructure and fiber networking" says Daniel Roberts, Executive Chairman. This way, the company substantially reduces its cost base with respect to power and facilities as, unlike many traditional data center and information & communication networks, bitcoin and HPC does not necessarily require extensive redundancy and ultra-low latency. "With capital from institutional partners and substantial daily cash profits from our miners, we are able to hyperscale development of our platform and position ourselves at the forefront of the evolution in the HPC arena," states Will Roberts.Further discussing the significance of leveraging the bitcoin mining process to enhance the development of next-gen HPC solutions, Daniel notes that the powerful economic incentives in bitcoin mining create a significant price signal to encourage innovation. "The profit focus in bitcoin mining, with potential revenue every second, makes it an incredible market-driven environment where relatively minor improvements in operations and computing efficiencies can deliver substantial bottom line results," adds Daniel. As a company, Iris Energy is at the forefront of innovation with respect to HPC efficiency and designing the optimal operating environment for state-of-the-art microchips; harnessing next-gen networking, electrical and data center transformation. "In the next five to ten years, bitcoin mining is absolutely poised to drive innovation in the traditional computing space, specifically in HPC applications, and the best part is that we are being paid handsomely by the bitcoin protocol in the process," states Will.Since its inception in mid-2018, Iris Energy has merged with Canadian data center firm, PodTech and internalized a 30 megawatt project, state-of-the-art fabrication facility, management team and proprietary data center design. In addition to assembling a top tier team of finance, energy infrastructure, engineering and digital assets professionals, Iris Energy also has two major Canadian stakeholders: Brian Fehr (Order of British Columbia and Canadian industrial magnate) and Brian Fry (co-founder of RackForce, built into Canada's largest cloud infrastructure provider).Looking ahead - Iris Energy`s data center infrastructure and platform is poised to expand aggressively into adjacent HPC, energy-intensive and cost-driven computing activities; servicing applications spanning artificial intelligence, machine learning, smart cities (IoT), rendering, healthcare, and more. In pursuit of this goal, the company is moving to raise additional capital to continue developing its projects in North America. In tandem, the company continues to be well positioned to capitalize on bitcoin mining as a misunderstood but maturing asset class with the increasing acceptance of bitcoin as a valuable, scarce and uncorrelated asset in a relatively uncertain environment for global finance and traditional capital markets.
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