Iris Energy Limited has announced an increase in its power capacity at the Childress site in Texas from 600 megawatts (MW) to 750 MW. This expansion follows approval from the Electric Reliability Council of Texas (ERCOT) and an amended connection agreement with American Electric Power (AEP).

Iris Energy Expands Texas Operations

On Wednesday, Iris Energy (Nasdaq: IREN) announced that the additional 150 MW increases its total secured power capacity to 2,310 MW. The company intends to utilize 910 MW for data centers by 2024, expanding to 1,400 MW by 2026, with further development surpassing 1 GW by 2030.

Iris Energy runs data centers and offers services in bitcoin mining and artificial intelligence (AI) cloud computing, utilizing renewable energy sources. This announcement comes during a challenging period for bitcoin miners, as the network’s hashprice has remained low in the months following the halving.

Like many competitors, Iris Energy has incorporated AI cloud computing into its range of services. The company’s stock, IREN, has dropped 3% over the past five days and more than 10% since last month. Operating since 2019, Iris Energy manages over 1,000 acres of property across North America.