Wall Street-listed Bitcoin Mining Company Rebounds After Last Sharp Drop!
A Wall Street-listed Bitcoin mining company has performed remarkably this year, posting losses of just $29 million.
This improvement comes amid a significant increase in the company’s revenues, which benefited from the rise in cryptocurrency prices.
According to the company’s financial results for the year ending June 30, 2024, the company’s revenues increased by 145%, and Bitcoin production increased by 30% compared to the previous year.
Irene’s financial performance has improved significantly in 2024:
The company reported record revenues of $184.1 million from Bitcoin mining, compared to $75.5 million in the previous fiscal year.
IREN mined 4,191 BTC during the year, compared to 3,259 BTC in FY23.
Adjusted net income before interest, taxes, and depreciation also improved significantly, rising to $54.7 million compared to $1.4 million in the previous year.
The company turned to positive net income before interest, taxes, and depreciation of $19.6 million, compared to a loss of $123.2 million in FY23.
As a result of these improvements, the net loss was reduced from $172 million in the previous year to $29 million.
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