<SEC-DOCUMENT>0001140361-21-033814.txt : 20211215
<SEC-HEADER>0001140361-21-033814.hdr.sgml : 20211215
<ACCEPTANCE-DATETIME>20211005215803
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-21-033814
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20211005

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Iris Energy Pty Ltd
		CENTRAL INDEX KEY:			0001878848
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C3
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 21, 60 MARGARET STREET
		CITY:			SYDNEY
		STATE:			C3
		ZIP:			NSW 2000
		BUSINESS PHONE:		212-906-1200

	MAIL ADDRESS:	
		STREET 1:		LEVEL 21, 60 MARGARET STREET
		CITY:			SYDNEY
		STATE:			C3
		ZIP:			NSW 2000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Iris Energy Pty Ltd
		DATE OF NAME CHANGE:	20210817
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.5.1.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div>
    <hr style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade">
    <div>
      <div>
        <div><br>
        </div>
        <img src="ny20000275x4_drsltrimage01.jpg" height="18" width="239"></div>
      <div><br>
      </div>
      <div style="color: #000000; font-size: 8pt;">1271 Avenue of the Americas</div>
      <div style="color: #000000; font-size: 8pt;">New York, New York&#160; 10020-1401</div>
      <div style="color: #000000; font-size: 8pt;">Tel: +1.212.906.1200&#160; Fax: +1.212.751.4864</div>
      <div style="color: #000000; font-size: 8pt;">www.lw.com</div>
      <div style="color: #000000; font-size: 8pt;"> <br>
      </div>
      <div style="color: #000000; font-size: 8pt;">FIRM / AFFILIATE OFFICES</div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z68dd04b61a3947bb90990817d1959601" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Austin</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Milan</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Beijing</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Moscow</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Boston</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Munich</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Brussels</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">New York</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Century City&#160;</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Orange County&#160;</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Chicago</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Paris</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Dubai</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Riyadh</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">D&#252;sseldorf</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">San Diego</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Frankfurt</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">San Francisco</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Hamburg</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Seoul</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Hong Kong</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Shanghai</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Houston</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Silicon Valley</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">London</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Singapore</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Los Angeles</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Tokyo</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Madrid</div>
            </td>
            <td style="width: 10%; vertical-align: top; font-size: 8pt;">
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Washington, D.C.</div>
            </td>
            <td style="width: 80%; vertical-align: top; font-size: 8pt;">&#160;</td>
          </tr>

      </table>
      <div style="color: #000000;"> <br>
      </div>
      <div style="color: #000000;">October 5, 2021</div>
      <div><br>
      </div>
      <div style="font-style: italic; font-weight: bold;">Via EDGAR</div>
      <div><br>
      </div>
      <div>Securities and Exchange Commission</div>
      <div>Division of Corporation Finance</div>
      <div>100 F Street, N.E.</div>
      <div>Washington, D.C. 20549</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfefee07d981f4827af994b9fc3c71a85" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right; color: #000000;">Attn:</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000;">Melissa Kindelan<br>
                Kathleen Collins<br>
                Priscilla Dao<br>
                Jeff Kauten<br>
                Division of Corporation Finance &#8212; Office of Technology</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0d038dd0ec984f46af600ba1aef9f7ab" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 72pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">Re:</td>
            <td style="width: auto; vertical-align: top;">
              <div style="color: #000000; font-weight: bold;">Iris Energy Pty Ltd</div>
              <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-weight: bold;">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Draft Registration Statement on Form F-1 Submitted August 26, 2021</div>
                <div style="color: rgb(0, 0, 0); font-weight: bold;">CIK No. 0001878848</div>
              </div>
            </td>
          </tr>

      </table>
      <br>
      <div>Ladies and Gentlemen:</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">On behalf of our client, Iris Energy Pty Ltd (the &#8220;<font style="font-weight: bold; font-style: italic;">Company</font>&#8221;), we submit this letter setting forth the responses of the Company to the
        comments provided by the staff (the &#8220;<font style="font-weight: bold; font-style: italic;">Staff</font>&#8221;) of the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold; font-style: italic;">Commission</font>&#8221;) in its comment letter
        dated September 23, 2021 (the &#8220;<font style="font-weight: bold; font-style: italic;">Comment Letter</font>&#8221;) with respect to the Registration Statement on Form F-1 filed with the Commission by the Company on August 26, 2021. Concurrently with the
        filing of this letter, the Company has filed Amendment No. 1 to the Registration Statement on Form F-1 (the &#8220;<font style="font-weight: bold; font-style: italic;">Registration Statement</font>&#8221;) through EDGAR.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">For your convenience, we have set forth each comment of the Staff from the Comment Letter in bold and italics below and provided our response below each comment. Unless otherwise indicated,
        capitalized terms used herein have the meanings assigned to them in the Registration Statement.</div>
      <div style="font-size: 8pt; font-weight: bold;"><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
      </div>
      <div><font style="font-size: 8pt; font-weight: bold;">Page 2</font><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149">
        <div style="text-align: left;"><br>
          <div><br>
          </div>
        </div>
        <u>Additional Disclosures Regarding Transaction Structure</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt;">The Company respectfully advises the Staff that the Company intends to amend the Registration Statement to reflect the Company&#8217;s decision to pursue an initial public offering via an underwritten
        offering of Ordinary shares instead of a direct listing. The Registration Statement originally contemplated a direct listing, and the Company worked with B. Riley Securities, Inc. as the anticipated financial advisor. Following the initial
        confidential submission on August 26, 2021, the Company determined to undertake a underwritten initial public offering, in part because it believed that the participation of an underwriting syndicate and the ability to build awareness of the
        Company among U.S. investors through future &#8220;testing-the-waters&#8221; meetings with potential qualifying investors, analyst day presentations, and a traditional roadshow, all to be conducted in compliance with applicable securities laws and regulations,
        may provide for an improvement over a direct listing for the Company&#8217;s Ordinary share price. The Company is engaging J.P. Morgan Securities LLC and Canaccord Genuity LLC as the bookrunning managers in connection with the proposed underwritten
        offering.</div>
      <div><br>
      </div>
      <div style="text-align: justify;"><u>Cover Page</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1950b8465389484dbbb1d70c10f431b9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold; font-style: italic;">Please tell us why you include references to the designated market maker here and on</font><font style="font-size: 12pt;">&#160;</font><font style="font-weight: bold; font-style: italic;">page 102 when it appears that you intend to list on the Nasdaq.&#160; Also, tell us why you refer to multiple financial advisors when it appears that B. Riley Securities, Inc. is the only financial advisor for this
                  offering.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and respectfully advises the Staff that the Registration Statement has been revised to remove all
        references to the &#8220;designated market maker&#8221; and &#8220;financial advisor(s)&#8221; in order to reflect the Company&#8217;s decision to pursue an underwritten initial public offering.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Prospectus Summary</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Our Company, page 1</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z03118335097f445ea9ffefb04df64846" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please disclose the company&#8217;s revenues and net loss for the periods presented.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and has revised the disclosure on pages 1, 73 and 86<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"></sup> of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <br>
      <br>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;">Page 3</font></div>
        <div><font style="font-size: 8pt; font-weight: bold;"> <br>
          </font></div>
      </div>
      <div style="text-align: justify; color: #000000;"><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
      <div style="text-align: justify; color: #000000;"><u> <br>
        </u></div>
      <u> <br>
      </u>
      <div style="text-align: justify; color: #000000;"><u>Summary Historical Financial Information, page 8</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z910cf6ef7f734fd9838d0910f0dd87f2" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please revise to include pro forma earnings per share information that reflects the conversion of the convertible notes into ordinary shares upon the IPO, along with the
                related impact to interest expense.&#160; Also, to the extent the IPO will satisfy the share price thresholds for any tranche in the&#160;incentive arrangement with Daniel and William Roberts such that compensation expense will be recorded and
                ordinary shares issued upon effectiveness of the offering, revise to include adjustments to the numerator and denominator of your pro forma per share calculations for the additional shares and related share-based compensation expense.&#160;
                Further, include comparable pro forma statements of financial position information.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment to include the pro forma earnings per share information in the section of the Registration Statement
        titled, &#8220;Prospectus Summary &#8212; Summary Historical Financial Information and Other Data,&#8221; and has revised the disclosure on pages 14 and 15 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;">The Company respectfully advises the Staff that the adjustments to reflect the conversion of the convertible notes will initially be determined by using the
        mid-point of the IPO&#8217;s price range for the Ordinary shares and an assumed Bitcoin price, to be updated in a subsequent amendment.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;">In regard to the extent that the IPO will satisfy the share price thresholds for any tranche under the incentive arrangements with Messrs. Daniel and William
        Roberts, the Company respectfully advises the Staff that the compensation expense that will be recorded at time the options vest is estimated to be A$1,875,232 (comprised of total share-based amortization of A$2,060,000 less amortization of
        A$184,768 for the year ended June 30, 2021). The Company respectfully advises the Staff that, while the IPO may potentially satisfy the share price thresholds under the incentive arrangements with Messrs. Daniel and William Roberts, under such
        circumstances, while the options would vest, there would be no requirement for the option holder to exercise the options, and, as a consequence, there would be no automatic issuance of Ordinary shares upon effectiveness of the offering that would
        impact the Company&#8217;s pro forma shares outstanding (noting that the exercise period for the options ends in December 2025).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;">Further, the Company acknowledges the Staff&#8217;s request to include the pro forma statements of financial position information in the section of the Registration
        Statement titled, &#8220;Prospectus Summary &#8212; Summary Historical Financial Information and Other Data,&#8221; and has revised the disclosure on page 15 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Risk Factors</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Any critical failure of key electrical or data equipment..., page 12</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z97aa07596afc4ac888e573a77f568f70" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please provide examples of the types of equipment that represent single points of failure and that have long lead times from the time an order is placed until installation
                and commissioning.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and has revised the disclosure on page 19 of the Registration Statement accordingly.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;">Page 4</font></div>
        <div><br>
          <img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
      </div>
      <div style="text-align: justify; color: #000000;"><u> <br>
        </u></div>
      <div style="text-align: justify; color: #000000;"><u> <br>
        </u></div>
      <div style="text-align: justify; color: #000000;"><u>We may be unable to raise additional capital..., page 14</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z21e37a8fc25549269ec840012dedf2e5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold; font-style: italic;">We note your disclosure of your binding commitment to purchase mining hardware. Please disclose the material terms of such agreement(s), including the term,
                  termination provisions and any minimum purchase requirements.</font><sup style="font-style: italic; font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and has revised the disclosure on pages 21 and 22 and other applicable pages throughout the
        Registration Statement accordingly. The Company also wishes to advise the Staff that the mining hardware purchase agreements do not contain any minimum purchase requirements, i.e. the agreements each relate to the purchase of a fixed number of
        mining hardware units.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Our reliance on third-party mining pool service providers..., page 26</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z93b044929168463692d930e4c08e0626" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">6.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">We note your disclosure of your reliance on third-party mining pool service providers. Please disclose the material terms of any service agreement with such providers,
                including the term and termination provisions.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and respectfully advises the Staff that the Company currently uses Antpool as its main mining pool
        service provider subject to Antpool&#8217;s User Service Agreement (the &#8220;<font style="font-weight: bold; font-style: italic;">Antpool Agreement</font>&#8221;). Under the terms of the Antpool Agreement, Antpool reserves the right to limit, change, suspend, or
        terminate all or part of its services to the Company at any time and the Company similarly has the right to terminate its use of Antpool&#8217;s services at any time. The Company has revised the disclosure on page 37 of the Registration Statement to
        clarify the rights of termination under the Antpool Agreement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>The registration and listing of our Ordinary shares..., page 40</u></div>
      <div><br>
      </div>
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">7.</td>
              <td style="width: auto; vertical-align: top; text-align: justify;">
                <div style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Please replace the first two sentences of this risk factor with the sentence: &#8220;Prior to the opening of trading on the Nasdaq Stock Market LLC, there will be no book
                  building process and no price at which underwriters initially sell shares to the public...&#8221; in order to properly focus the risk on the underwriting activities that will not be present.</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and respectfully advises the Staff that the Company has removed the referenced risk factor as it is
        no longer applicable due to the Company&#8217;s decision to pursue an underwritten offering.</div>
      <div><br>
      </div>
      <br>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;">Page 5</font></div>
        <div><br>
          <div><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
        </div>
      </div>
      <div style="text-align: justify; color: #000000;"><u> <br>
        </u></div>
      <div style="text-align: justify; color: #000000;"><u> <br>
        </u></div>
      <div style="text-align: justify; color: #000000;"><u>Capitalization, page 58</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z360ff0e3a70f4486a28d27e51f248df0" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">8.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please revise to include pro forma information here in columnar format reflecting the impact of the conversion of the convertible debt upon the IPO, the impact of the
                incentive arrangement with Daniel and William Robert, if any, as well as the two classes of shares to be outstanding following the offering.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="color: #000000;"><u>Response</u></font><font style="color: #000000;">: The Company acknowledges the Staff&#8217;s comment to include the pro forma information reflecting
          the impact of the conversion of the convertible debt upon the IPO </font><font style="color: #000000;">and has revised the disclosure on pages 69 and 70</font><font style="color: #000000;"> of the Registration Statement accordingly. The Company
          respectfully advises the Staff that the impact of the conversion of the Company&#8217;s convertible debt upon the IPO will initially be determined by using the mid-point of the IPO&#8217;s price range for the Ordinary shares and an assumed Bitcoin price, to
          be updated in a subsequent amendment. The Company respectfully advises that the impact of the incentive arrangement with Messrs. Daniel and William Roberts on the issued capital of the Company will only occur if the IPO thresholds are met and the
          incentive arrangements are exercised. The Company further advises that the issuance of B Class Shares to Messrs. Daniel and William Roberts is not expected to materially impact the issued capital of the Company as the B Class Shares only confer
          on the holder voting rights (and not economic rights).</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations Comparison of Our Results of Operations for the Half Year ended December 31, 2020, and December 31, 2019, page
          61</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z239cad7d9b7c4120ab62300c72e46e4f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; align: right; color: #000000;">9.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">You state on page 63 that the increase in mining revenue was primarily attributable to higher Bitcoin prices and the greater number of Bitcoin produced and sold in the half
                year ended December 31, 2020.&#160; Please revise to quantify the number of Bitcoin produced and sold for each period as well as the amount of the increase in revenue attributable to the higher Bitcoin prices.&#160; Refer to Section III.D of SEC
                Release No. 33-6835.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company respectfully advises the Staff that the Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations for the
        half year ended December 31, 2020, has been updated with the Company&#8217;s audited financial condition and results of operations for the year ended June 30, 2021. The Company further acknowledges the Staff&#8217;s comment and has revised the disclosure on
        page 77 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Liquidity and Capital Resources, page 65</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z43046a64028c4f41beb4af2b2d8f4913" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">10.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please revise to state whether, as of the most recent balance sheet date, your existing cash will be sufficient to meet capital expenditure needs for the next 12 months.&#160; To
                the extent it will not, disclose how long you will be able to continue to fund your operations using current available cash resources. We refer you to FRC 501.03(a) and Section IV of SEC Release 33-8350.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and has revised the disclosure on pages 79 and 80 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;">Page 6</font></div>
        <div><br>
          <div><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
        </div>
        <font style="font-size: 8pt; font-weight: bold;"> </font></div>
      <div><font style="font-size: 8pt; font-weight: bold;"><br>
        </font></div>
      <font style="font-size: 8pt; font-weight: bold;"><br>
      </font>
      <div style="text-align: justify; color: #000000;"><u>Management</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Remuneration, page 81</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z87a152f032824e2c831428163a5dfbb4" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">11.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please file the Employee Share Plan, Employee Option Plan and the employment agreements with your executive officers as exhibits to your registration statement or advise.&#160;
                Refer to Item 601(b)(10)(iii)(A) of Regulation S-K.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company respectfully acknowledges the Staff&#8217;s comment and advises the Staff that the employment agreements with the Company&#8217;s executive
        officers are not required to be filed as exhibits to the registration statement. Item 601(b)(10)(iii)(C)(5) of Regulation S-K provides that compensatory contracts of a registrant need not be filed if the registrant is a foreign private issuer that
        furnishes compensatory information under Item 402(a)(1) of Regulation S-K and the public filing of the plan, contract or arrangement, or portion thereof, is not required in the registrant&#8217;s home country and is not otherwise publicly disclosed by
        the registrant. The Company advises the</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;">Staff that it is a foreign private issuer furnishing compensatory information under Item 402(a)(1) of Regulation S-K, that public filing of the employment
        agreements is not required in the Company&#8217;s home country and that the employment agreements have not otherwise been publicly disclosed by the Company. The Company believes that the employment agreements are not material contracts of the type
        specified under Item 601(b)(10) of Regulation S-K because they do not fall within any of the other categories specified in Item 601(b)(10). The Company further advises the Staff that it will file the Employee Share Plan and Employee Option Plan as
        exhibits in an amendment to the Registration Statement.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Certain Relationships and Related Party Transactions, page 87</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z828a33f231c64dac87a14dfffe2a3a80" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">12.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please disclose the material terms of the related party loans described on page F-30.&#160; Also, identify the entity affiliated with Mr. Guzowski that purchased your ordinary
                shares in a private placement.&#160; Refer to Item 7.B of Form 20-F.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="color: #000000;"><u>Response</u></font><font style="color: #000000;">: The Company acknowledges the Staff&#8217;s comment and respectfully advises that description of
          related party loans on page F-30 of the Registration Statement was the result of inadvertent disclosure in the </font><font style="color: #000000;">financial statements for the year ended June 30, 2020 and has been revised on page F-37</font><font style="color: #000000;"> of the Registration Statement. The loans, which totaled A$2,813,000, were provided by a vendor loan </font><font style="color: #000000;">and were used by the Company in connection with its acquisition of a flagship data
          center site on January 1, 2020. The vendor loan was fully repaid to the lender, who is a minority shareholder of the Company, on December 11, 2020. Under </font><font style="font-style: italic; color: #000000;">IAS 24 Related Party Disclosures</font><font style="color: #000000;">, the Company does not believe that the vendor loan meets the definition of a related party transaction.</font></div>
      <div style="text-align: justify; margin-left: 36pt; color: #000000;">With respect to the Staff&#8217;s request for disclosure of the entity affiliated with Mr. Guzowski, the Company has revised page 107 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;">Page 7</font></div>
        <div><br>
          <div><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
        </div>
        <font style="font-size: 8pt; font-weight: bold;"> </font></div>
      <div><font style="font-size: 8pt; font-weight: bold;"><br>
        </font></div>
      <div><font style="font-size: 8pt; font-weight: bold;"><br>
        </font></div>
      <div style="text-align: justify; color: #000000;"><u>Principal and Registered Stockholders, page 88</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3929367f4d314f0a95e77a7b9c022783" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">13.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please disclose the&#160;portion of each class of securities held in the United States&#160;and the number of record holders in the United States.&#160; Refer to Item 7.A.2 of Form 20-F.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and has revised the disclosure on page 108 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Description of Share Capital and Constitution</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Key Provisions in Our Constitution, page 89</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z57c9cde383c74cd18c4317e23ed8b142" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; color: #000000;">14.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-weight: bold; font-style: italic;">Please describe the circumstances under which holders of your ordinary shares will be</font><font style="font-size: 12pt;">&#160;</font><font style="font-weight: bold; font-style: italic;">entitled to vote separately as a single class.</font></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and has revised the disclosure on page 111 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Plan of Distribution, page 112</u></div>
      <div><br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 18pt;"><br>
                </td>
                <td style="vertical-align: top; width: 18pt; color: #000000;">15.</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: #000000;">
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div style="font-weight: bold; font-style: italic;">Please disclose which specific Nasdaq rule provision requires Nasdaq to consult with B.&#160;Riley Securities, Inc. when conducting its price validation checks and clarify the type of
                        guidance Nasdaq may seek from B. Riley Securities, Inc. when conducting its price validation checks on the day of listing.</div>
                    </div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
        <div> <br>
        </div>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company acknowledges the Staff&#8217;s comment and respectfully advises the Staff that it has revised the disclosure on pages 131 to 138 of the
        Registration Statement to reflect the Company&#8217;s decision to pursue a traditional underwritten initial public offering instead of a direct listing. As a result of the structural changes to the offering, the Company does not believe that the
        requested revisions are required.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;">Page 8</font></div>
        <div><br>
          <div><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149">
            <div><br>
            </div>
          </div>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;"> <br>
          </font></div>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Notes to the consolidated financial statements</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Note 2. Significant accounting policies</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Revenue Recognition, page F-10</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z26bc7146e4084153a06e85ff4d746265" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">16.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">You disclose that in certain pools the amount of reward for computing power depends on the pool&#8217;s success in mining blocks.&#160; Please revise to clarify whether revenue earned
                from these pools consists of block rewards and transaction fees and how the amount of revenue earned is determined.&#160; Further, you disclose that in other pools, the group is not directly exposed to the pool&#8217;s success in mining blocks.&#160; For
                these other pools, revise to explain how revenue is generated, how it is determined and how that differs from pools in which rewards are based on the pool&#8217;s success.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company respectfully advises the Staff that the Company&#8217;s audited financial statements as of and for the year ended June 30, 2020, have been
        updated with the Company&#8217;s audited financial statements as of and for the year ended June 30, 2021. The Company acknowledges the Staff&#8217;s comment and has revised the disclosure on page F-10 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Notes to the unaudited interim consolidated financial statements</u></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>Note 14. Events after the reporting period, page F-45</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9b0bc88dcfa14bd8896c2335c160cefe" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">17.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please disclose&#160;the date when the financial statements were authorized for issue and who gave that authorization.&#160; Refer to IAS 10.17.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response:</u> The Company respectfully advises the Staff that the Company&#8217;s unaudited interim financial statements as of and for the six-months ended December
        31, 2020, have been replaced by the Company&#8217;s audited financial statements as of and for the year ended June 30, 2021, included from pages F-1 to F-42 of the Registration Statement accordingly.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb13c9b1a50294354a3489032f37feb02" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">18.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">You disclose an incentive arrangement with Daniel Roberts and William Roberts under which the number of options will convert into ordinary shares upon achieving certain share
                price thresholds.&#160; Please revise to include the estimated share-based compensation expense to be recorded upon completion of the IPO if the various thresholds are met. Refer to IAS 10.21(b).</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response:</u> The Company acknowledges the Staff&#8217;s comment and refers to the response provided earlier in question 3 above.</div>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;">Page 9</font></div>
        <div><br>
          <div><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
        </div>
      </div>
      <div><font style="font-size: 8pt; font-weight: bold;"> <br>
          <br>
        </font>
        <div><font style="font-size: 8pt; font-weight: bold;"> <br>
          </font></div>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zfe2b227fccaf4daab4769d21e4977627" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">19.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please provide us with a breakdown of all share-based compensation awards granted since January 1, 2021.&#160; Provide the fair value of the underlying shares used to value each
                award. To the extent there was any significant fluctuations in the fair values, describe for us the factors that contributed to such fluctuations, including any intervening events within the company or changes in your valuation assumptions
                or methodology. Please continue to update this analysis through effectiveness of the registration statement. Also, disclose any share-based issuances subsequent to the most recent balance sheet date and the expected financial statement
                impact in your subsequent event footnote, if material.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt;"><font style="color: #000000;"><u>Response</u></font><font style="color: #000000;">: The Company acknowledges the Staff&#8217;s comment and provides at Appendix 1 the following breakdown
          of share-based compensation awards granted since January 1, 2021, along with the fair value of the underlying shares used to value each award and an explanation of the factors that have contributed to determining this fair value of the underlying
          shares. As requested by the Staff, the Company will continue to update this analysis through effectiveness of the Registration Statement. The Company confirms that the subsequent event footnote in the audited financial statements as of and for
          the year ended June 30, 2021 discloses the material share-based compensation awards granted subsequent to the most recent balance sheet date of June 30, 2021 to September 30, 2021 on pages F-40 to F-42 of the Registration Statement.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;"><u>General</u></div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf73cdbb2ba84d1598dd9317132fdecb" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif;">20.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000; font-style: italic; font-weight: bold;">Please supplementally provide us with copies of all written communications, as defined in Rule 405 under the Securities Act, that you, or anyone authorized to do so on your
                behalf, present to potential investors in reliance on Section 5(d) of the Securities Act, whether or not they retain copies of the communications.</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 0pt; margin-left: 36pt; color: #000000;"><u>Response</u>: The Company respectfully acknowledges the Staff&#8217;s comment, and the Company advises that it will provide the Staff with copies of any written
        communications of the type referenced in the Staff&#8217;s comment.</div>
      <div><br>
      </div>
      <div style="text-align: center;">*&#160; &#160;&#160; *&#160; &#160;&#160; *&#160; &#160;&#160; *</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">
        <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
        </div>
        <div><font style="font-size: 8pt; font-weight: bold;">Page 10</font></div>
        <div><br>
          <div><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
        </div>
      </div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div style="text-indent: 36pt;"> <br>
      </div>
      <div style="text-indent: 36pt;">We hope that the foregoing has been responsive to the Staff&#8217;s comments and look forward to resolving any outstanding issues as quickly as possible. Please direct any questions or comments regarding the foregoing to me
        at (714) 755-8008 or Drew.Capurro@lw.com.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zacdafd0c96ef4108903f8079d645b108" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 52.64%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 47.36%; vertical-align: top;">
              <div style="color: #000000;">Very truly yours,</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.64%; vertical-align: top;">&#160;</td>
            <td style="width: 47.36%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 52.64%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 47.36%; vertical-align: top; border-bottom: #000000 2px solid;">/s/ Drew Capurro<br>
            </td>
          </tr>
          <tr>
            <td style="width: 52.64%; vertical-align: top;">
              <div style="color: #000000;">&#160;</div>
            </td>
            <td style="width: 47.36%; vertical-align: top; border-top: #000000 2px solid;">
              <div style="color: #000000;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 52.64%; vertical-align: top;">&#160;</td>
            <td style="width: 47.36%; vertical-align: top;">
              <div style="color: #000000;">of LATHAM &amp; WATKINS LLP</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze1f7456934094662a016abc767606698" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right;">cc:</td>
            <td style="width: auto; vertical-align: top;">
              <div>Ian Schuman, Latham &amp; Watkins LLP<br>
                Stelios Saffos, Latham &amp; Watkins LLP<br>
                Byron Rooney, Davis Polk &amp; Wardwell LLP<br>
                Marcel Fausten, Davis Polk &amp; Wardwell LLP<br>
                William Roberts, Iris Energy Pty Ltd<br>
                Joanna Brand, Iris Energy Pty Ltd</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif;">
          <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
          </div>
          <div><font style="font-size: 8pt; font-weight: bold;">Page 11</font></div>
          <div><br>
            <div><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
          </div>
        </div>
        <div style="text-indent: 36pt;">&#160;</div>
      </div>
      <div style="font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;">Appendix 1: Question 19: Share-based compensation award<br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">The table below sets out the fair value of the underlying shares at the grant date for each share-based compensation awards made by the Company between January 1, 2021, to September 30, 2021.</div>
      <div><br>
      </div>
      <table style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="z4af99ca37bac460a8d6aeaeb36f04a25" border="0" cellpadding="3" cellspacing="0">

          <tr>
            <td style="width: 19.75%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Grant Date</div>
            </td>
            <td style="width: 20.06%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">Share-based compensation award<br>
              </div>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Number issued</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Fair value of underlying shares at grant date</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Estimated total financial impact on grant date<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 19.75%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">&#160;January 20, 2021</div>
            </td>
            <td style="width: 20.06%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">2021 Executive Director Liquidity and Price Target Options</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">5,000,000 each to entities controlled by Daniel Roberts and William Roberts</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">A$0.70</div>
            </td>
            <td style="vertical-align: top; width: 20%; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">A$2.1 million (weighted average fair value of A$0.21 x 10,000,000) <br>
                <br>
                Per Note 31 Share-based payments FY21 financials<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 19.75%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">May 10, 2021</div>
            </td>
            <td style="width: 20.06%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Employee Share Plan</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">1,202,130</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">A$2.36364</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">A$1.6 million<br>
                (weighted average fair value of A$1.37 x 1,202,130)<br>
                <br>
                Per Note 31 Share-based payments FY21 financials<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 19.75%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; color: rgb(0, 0, 0);">&#160;July 28, 2021</div>
            </td>
            <td style="width: 20.06%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Employee Options and Non-Executive Director (NED) Options</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">1,256,211<br>
                (comprised of 447,699 Employee Options &amp; 808,512 NED Options)</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">A$2.36364</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-right: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Employee options: A$0.8 million (weighted average fair value of A$1.81 x 447,699)<br>
                <br>
                NED options:<br>
                A$1.4 million (weighted average fair value of A$1.77 x 808,512)<br>
              </div>
            </td>
          </tr>
          <tr>
            <td style="width: 19.75%; vertical-align: top; border-left: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">September 14, 2021</div>
            </td>
            <td style="width: 20.06%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">2021 Executive Director Long-Term Target Options</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">12,000,000 each to entities controlled by Daniel Roberts and William Roberts</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0); border-left: 1px solid rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Estimated fair value of US$6.96</div>
            </td>
            <td style="width: 20%; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 0);">
              <div style="color: rgb(0, 0, 0);">Yet to be determined as per the subsequent events footnote of the FY21 Financials.&#160; Financial impact will be included in the unaudited interim financials for the three-months ended September 30,2021</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div>
        <div style="font-weight: bold;">Fair value of the underlying shares for 2021 Executive Director Liquidity and Price Target Options granted in January 2021</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">The fair value of the underlying shares for the 2021 Executive Director Liquidity and Price Target Options granted in January 2021 was referenced to the convertible note raising completed by the
          Company on January 5, 2021 which contained a conversion price cap of A$0.70 per share based on a pre-money valuation cap of the Company of US$59 million.</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Fair value of the underlying shares for the Employee Share Plan Shares granted in May 2021</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">The fair value of the underlying shares for the Employee Share Plan Shares granted in May 2021 was referenced to the arm&#8217;s-length sale between various existing shareholders of&#160; the Company of
          1,100,000 ordinary shares at A$2.36364 per share pursuant to a transfer notice received by the Company on April 29, 2021. The sale completed on June 22, 2021.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">Further, the fair value of the underlying shares was also referenced to the convertible note raising completed by the Company on April 1, 2021 which contained an estimated conversion price cap of
          approximately A$2.36 per share (assuming conversion of the notes on 30 September 2021) based on a pre-money valuation cap of the Company of US$300 million.<br>
        </div>
      </div>
      <br>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
      </div>
      <div>
        <div style="font-family: 'Times New Roman',Times,serif;">
          <div style="font-size: 8pt; font-weight: bold;">October 5, 2021<br>
          </div>
          <div><font style="font-size: 8pt; font-weight: bold;">Page 12</font></div>
          <div><br>
            <div><img src="ny20000275x4_drsltrimage01.jpg" height="12" border="0" width="149"></div>
          </div>
        </div>
      </div>
      <div style="font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;"> <br>
      </div>
      <div>
        <div style="font-weight: bold;">Fair value of the underlying shares for Employee Options and Non-Executive Director Options granted in July 2021</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">The fair value of the underlying shares for these share-based payment awards granted in July 2021 was referenced to the arm&#8217;s-length sales of the following ordinary shares between various existing
          shareholders of the Company:</div>
        <div><br>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd847858dba3d4078a299a16d883d752a" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-left: 18pt; color: #000000;">-</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">1,100,000 ordinary shares at A$2.36364 per share pursuant to a transfer notice received by the Company on April 29, 2021 (completed on June 22, 2021)</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z383174e2f68a42d8bb08277e99786a9a" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-left: 18pt; color: #000000;"><br>
                  </div>
                </td>
                <td style="width: auto; vertical-align: top;"><br>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za8fcbc4ddc5942eab3031cc9715250b0" cellpadding="0" cellspacing="0">

              <tr>
                <td style="width: 36pt; vertical-align: top; align: right;">
                  <div style="margin-left: 18pt; color: #000000;">-</div>
                </td>
                <td style="width: auto; vertical-align: top;">
                  <div style="text-align: justify; color: #000000;">1,666,667 ordinary shares at A$2.36364 per share pursuant to a transfer notice received by the Company on July 12, 2021 (completed on September 2, 2021)</div>
                </td>
              </tr>

          </table>
        </div>
        <div style="text-align: justify; font-weight: bold;"> <br>
        </div>
        <div style="text-align: justify; font-weight: bold;">Fair value of underlying shares for 2021 Executive Director Long-Term Target Options granted in September 2021</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">The fair value of underlying shares for this share-based payment award granted in September 2021 was referenced to the&#160; recent convertible note raising which was announced by the Company on August
          10, 2021 (the &#8220;<font style="font-weight: bold; font-style: italic;">August Convertible</font>&#8221;),&#160; which contained a conversion price cap of US$6.96 based on a pre-money valuation cap of the Company of US$1,500 million.</div>
        <div><br>
        </div>
        <div style="font-weight: bold;">Factors that contributed to fluctuations between July 2021 and September 2021</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">The increase in fair value of underlying shares from A$2.36364 in May 2021 to A$9.49 in September 2021 is primarily related to the increase in the pre-money valuation cap of the Company by reference
          to third-party capital-raising transactions undertaken by the Company, from US$300 million based on the prior convertible note raise in April 2021 to US$1,500 million based on the August Convertible.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000;">One of the key drivers for this increase in pre-money valuation was the Company entering into a new binding contract in July 2021 with Bitmain Technologies Limited, a leading producer of Bitcoin
          mining hardware, for the purchase of latest generation miners, Antminer S19j Pro, which is expected to increase the Company&#8217;s operating and contracted nameplate hashrate capacity from 4.5 EH/s to 15.2 EH/s.</div>
      </div>
      <div style="font-weight: bold;"> <br>
      </div>
      <div style="font-weight: bold;"> <br>
      </div>
      <br>
      <div style="font-size: 12pt;"><font style="font-size: 10pt; color: #000000;"> <br>
        </font></div>
      <div style="font-size: 12pt;">
        <hr style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;" align="center" noshade="noshade"><font style="font-size: 10pt; color: #000000;"> </font></div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>ny20000275x4_drsltrimage01.jpg
<TEXT>
begin 644 ny20000275x4_drsltrimage01.jpg
M_]C_X  02D9)1@ ! 0$ E@"6  #_X0!P17AI9@  34T *@    @ !@$Q  (
M   *    5@,!  4    !    8 ,#  $    !     %$0  $    ! 0   %$1
M  0    !   7$5$2  0    !   7$0    !'<F5E;G-H;W0   &&H   L8__
MVP!#  <%!08%! <&!08(!P<("A$+"@D)"A4/$ P1&!4:&1@5&!<;'B<A&QTE
M'1<8(BXB)2@I*RPK&B O,R\J,B<J*RK_VP!# 0<(" H)"A0+"Q0J'!@<*BHJ
M*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ*BHJ
M*BK_P  1"  > 74# 2(  A$! Q$!_\0 'P   04! 0$! 0$           $"
M P0%!@<("0H+_\0 M1   @$# P($ P4%! 0   %] 0(#  01!1(A,4$&$U%A
M!R)Q%#*!D:$((T*QP152T? D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%
M1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9
MFJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?H
MZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$! 0$! 0        $" P0%!@<("0H+
M_\0 M1$  @$"! 0#! <%! 0  0)W  $" Q$$!2$Q!A)!40=A<1,B,H$(%$*1
MH;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::G
MJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W
M^/GZ_]H # ,!  (1 Q$ /P#I_P!G:ZN+JUUTW-Q+-MDAP9'+8X;UKVH5X?\
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MZOXB>ZLFE(FA,I.\;3QC:.^*QH5E&*@T>KFF6SJUJF)4E;>VO1>AZWX]UO\
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-9_"BI:*LYFVW=G__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
