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IREN Reports Record $184.1 Million Annual Bitcoin Mining Revenue as Capacity Nearly Doubles
IREN, formerly Iris Energy, achieved record bitcoin mining revenue of $184.1 million for the fiscal year ending June 30, 2024, marking a 144% increase from the previous year. The company's self-mining capacity nearly doubled from 5.6 EH/s to 10 EH/s, driving the record revenue as it mined 4,191 BTC. IREN also entered the AI cloud sector, earning $3.1 million, and saw adjusted EBITDA rise to $54.7 million. Despite increased operational costs and a net loss of $29 million, the company’s stock has risen nearly 25% over the past six months.
OpenSea CEO Discloses NFT Marketplace Received Wells Notice
OpenSea CEO Devin Finzer announced that the NFT marketplace has received a Wells Notice from the SEC, indicating potential legal action due to the agency’s belief that NFTs on the platform might be classified as securities. Finzer expressed shock at the SEC's move, arguing it could stifle innovation and harm thousands of digital creators. To support the community, OpenSea is pledging $5 million to assist NFT creators with legal fees. The SEC has previously suggested that NFTs could be considered securities, as seen in its settlement with Impact Theory over similar allegations.
TeraWulf Unveils New Bitcoin Mining Facility and Seeks Major Tech Partnership
TeraWulf, the sixth-largest Bitcoin mining company, is set to launch its new 2-megawatt "WULF Den" mining facility by the end of September. This facility features a liquid-cooled design and is being built within an existing structure to expedite the process. TeraWulf is also exploring potential partnerships with major tech companies, including those in the Magnificent Seven (Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla), as well as other tech sector firms. Additionally, the company plans to launch a larger 20-megawatt facility by the end of 2024. TeraWulf is noted for its profitability, with production costs of about $40,000 per Bitcoin, which is lower compared to industry peers.
Trading Desk Insights
Bitcoin is showing signs of recovery after its sharp decline on Tuesday afternoon. The price is rebounding from the support level of $57,900 and appears poised to test the resistance zone between $61,000 and $62,000, with a potential retest of the $65,000 high. In contrast, ETHBTC continues its downward trend, which is likely to persist given the current cautious market sentiment. A clear breakout by BTC to recent highs is needed to reignite risk appetite.
In the ETF market, US-listed Bitcoin ETFs experienced a second consecutive day of outflows, totaling $105.3 million yesterday, bringing the two-day outflow sum to $232.4 million. Meanwhile, Ethereum ETFs reversed their previous outflows, attracting $5.9 million in inflows, marking the fourth day of net positive inflows since trading began on August 12th.
The Telegram-linked blockchain, TON, faced its second outage in just a few days, reportedly due to heavy load from DOGS token minting. Despite this disruption, the token’s price remained relatively stable, having already declined after news broke that Telegram’s CEO was detained at an airport.
OpenSea, a major NFT marketplace, received a Wells Notice from the US SEC, indicating potential enforcement action. This move has triggered significant reactions within the industry, raising concerns about the broader impact on the NFT and cryptocurrency sectors.
Traders are currently pricing in a 35% probability that the Federal Reserve will cut its benchmark interest rate by 50 basis points at the upcoming September meeting, and a 65% chance of a 25 basis point cut. These probabilities were 11% and 88%, respectively, a month ago. For the Fed to enact such a substantial rate cut, the upcoming employment and inflation data for August would need to show significant weakness.
Stock futures edged higher on Thursday as investors sought to recover from the previous session’s declines. Wall Street appeared to largely dismiss Nvidia’s post-earnings dip, despite the smaller-than-expected beat and raised guidance. Nvidia’s growing influence on the broader market is evident, as the semiconductor giant, which surpassed a $3 trillion market cap this year, now constitutes approximately 7% of the S&P 500.
Economic data released on Thursday supported the stock market's recovery. Weekly jobless claims decreased from the previous week, alleviating some recession fears. Additionally, second-quarter GDP growth was revised upward to 3%, from the initial estimate of 2.8%.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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