<SEC-DOCUMENT>0001140361-24-049827.txt : 20250422
<SEC-HEADER>0001140361-24-049827.hdr.sgml : 20250422
<ACCEPTANCE-DATETIME>20241218163202
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-24-049827
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20241218

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			IREN Ltd
		CENTRAL INDEX KEY:			0001878848
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			C3
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 6, 55 MARKET STREET
		CITY:			SYDNEY
		STATE:			C3
		ZIP:			NSW 2000
		BUSINESS PHONE:		61279068301

	MAIL ADDRESS:	
		STREET 1:		LEVEL 6, 55 MARKET STREET
		CITY:			SYDNEY
		STATE:			C3
		ZIP:			NSW 2000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Iris Energy Ltd
		DATE OF NAME CHANGE:	20211022

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Iris Energy Pty Ltd
		DATE OF NAME CHANGE:	20210817
</SEC-HEADER>
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              <div>December 18, 2024</div>
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              <div>Re:</div>
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              <div>IREN Limited (f/k/a Iris Energy Limited)</div>
              <div>Form 20-F for Fiscal Year Ended June 30, 2024</div>
              <div>Filed August 28, 2024</div>
              <div>CIK No. 0001878848</div>
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              <div style="text-align: right;">CONFIDENTIAL</div>
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      <div>Ms. Michelle Miller</div>
      <div>Mr. Mark Brunhofer</div>
      <div>Division of Corporation Finance</div>
      <div>Office of Crypto Assets</div>
      <div>U.S. Securities and Exchange Commission</div>
      <div>100 F Street, N.E.</div>
      <div>Washington, DC 20549-3628</div>
      <div><br>
      </div>
      <div>Dear Ms. Miller and Mr. Brunhofer:</div>
      <div>&#160;</div>
      <div>IREN Limited, formerly known as Iris Energy Limited, a company existing under the laws of Australia (the &#8220;<font style="font-weight: bold;">Company</font>&#8221; or &#8220;<font style="font-weight: bold;">we</font>&#8221;), has received a comment letter dated
        November 19, 2024 (the &#8220;<font style="font-weight: bold;">Comment Letter</font>&#8221;) from the Staff (the &#8220;<font style="font-weight: bold;">Staff</font>&#8221;) of the Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">Commission</font>&#8221;)




        relating to the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended June 30, 2024 (the &#8220;<font style="font-weight: bold;">Annual Report</font>&#8221;).</div>
      <div>&#160;</div>
      <div>Set forth below are the Company&#8217;s responses to the Staff&#8217;s comments. For convenience, the Staff&#8217;s comments are repeated below in italics, followed by the Company&#8217;s response to each comment as well as a summary of the responsive actions taken.</div>
      <div>&#160;</div>
      <div><u>Form 20-F for the Fiscal Year Ended June 30, 2024</u></div>
      <div>&#160;</div>
      <div><u>Item 5. Operating and Financial Review and Prospects</u></div>
      <div><u>Key Indicators of Performance and Financial Condition</u></div>
      <div><u>Net electricity costs, page 92</u></div>
      <div>&#160;</div>
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            <td style="width: 18pt; vertical-align: top; font-style: italic;">1.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">You disclose that net electricity costs exclude the cost of REC purchases. We also note your disclosure that if your existing REC brokers were to stop selling RECs to you or otherwise limit the sale thereof,
                you would incur additional expense and resources to obtain sufficient RECs to maintain 100% renewable energy sources. Please explain your basis for excluding RECs from net electricity costs and how net electricity costs as presented fully
                reflect current electricity costs when you appear to disclose in your filing and prominently disclose on your website that you are powered by 100% renewable energy and the cost of RECs appears to be a component of this claim.</div>
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Response:</font>&#160;&#160;&#160;&#160;&#160; In response to the Staff&#8217;s comment, the Company respectfully advises the Staff that the Company excludes RECs from net electricity costs because the RECs that
        the Company purchases, which are a discretionary purchase, are to support the claims made by the Company that its data centers are powered by 100% renewable energy, and are not reflective of the underlying electricity costs of its operations. For
        example, in British Columbia the Company&#8217;s operations are 100% powered by renewable energy, with currently approximately 98% sourced from clean or renewable sources, including through hydroelectric sources like wind, solar and biomass, as reported
        by BC Hydro and approximately 2% accounted for by the purchase of RECs. To support its claims that the Childress site is powered by 100% renewable energy, the Company purchases RECs covering 100% of the energy consumption at its Childress site. In
        each case, the purchase of RECs is to support the renewable energy claims made by the Company, and is not reflective of the underlying electricity costs of its operations.</div>
      <div>&#160;</div>
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      <div><u> </u></div>
      <div><u>Liquidity and Capital Resources</u></div>
      <div><u>Historical Cash Flows, page 102</u></div>
      <div>&#160;</div>
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            <td style="width: 18pt; vertical-align: top;">2.</td>
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              <div style="font-style: italic;">Your disclosure of net cash provided by/used in operating, investing and financing activities appears to repeat information already provided in the statement of cash flows. Please revise future filings to
                include a quantitative and qualitative analysis of the drivers of the change in cash flows between periods and impact to future trends to provide a sufficient basis to understand changes in cash between periods. Refer to Item 5B and
                Instructions 1 and 9 to Item 5 of Form 20-F for guidance.</div>
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      <div>&#160;</div>
      <div><font style="font-weight: bold;">Response:</font>&#160;&#160;&#160;&#160; In response to the Staff&#8217;s comment, the Company respectfully advises the Staff that the Company has included, in the Management&#8217;s Discussion and Analysis of Financial Condition and Results of
        Operations as of and for the three months ended September 30, 2024, included as Exhibit 99.4 to the Report on Form 6-K furnished to the Commission on November 26, 2024 (the &#8220;Q1 MD&amp;A&#8221;), a quantitative and qualitative analysis of the drivers of
        the change in cash flows between periods and impact to future trends to provide a basis to understand changes in cash between periods, as set forth below. The Company respectfully advises the Staff that, in addition to the inclusions in the Q1
        MD&amp;A, its future filings will continue to include disclosure in line with the below.</div>
      <div>&#160;</div>
      <div style="text-align: justify; margin-left: 36pt; font-style: italic; font-weight: bold;">Operating activities</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">Our net cash outflow from operating activities was $3.8 million for the three months ended September 30, 2024, compared to a net cash inflow of $3.9 million for the three months ended September 30,
        2023. This decrease in operating cash flows of $(7.7) million was attributed to an increase in receipts from Bitcoin mining, AI cloud services, other revenue and interest received offset by an increase in payments for electricity, suppliers and
        employees.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">Receipts from Bitcoin mining, AI cloud services and other revenue for the three months ended September 30, 2024 increased by $15.4 million, $3.7 million, and $0.5 million respectively, as compared
        to the three months ended September 30, 2023. The increase in receipts from Bitcoin mining was primarily driven by the increase in average operating hashrate and the increase in average price realized for Bitcoin mined, the increase in receipts
        from AI cloud services was primarily due to the Group&#8217;s expansion into the provision of AI Cloud Services to third party customers, and the increase in receipts from other revenue was due to receipts from our participation in demand response
        programs at Childress. We did not generate any receipts from AI Cloud Services in the prior period. Interest received for the three months ended September 30, 2024 increased by $3.0 million primarily due to interest received on term deposits that
        matured during the period. For further analysis of the above, refer to &#8220;Comparison of the three months ended September 30, 2024 and September 30, 2023&#8221; included within this MD&amp;A.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">The increase in cash inflows from operating activities was more than offset by an increase in cash used in operating activities primarily driven by a $30.4 million increase in payments for
        electricity, suppliers and employees. This was primarily due to a $23.5 million increase in electricity payments, $4.4 million increase in insurance payments and a $2.4 million increase in payments to other suppliers in the three months ended
        September 30, 2024. The increase in electricity payments was due to an increase in average operating hashrate, a proportionate increase in the Group's capacity at Childress and a $7.2 million one off liquidation payment to exit positions previously
        entered into under a fixed price and fixed quantity contract, on transition to a spot price and actual usage contract at Childress during the three months ended September 30, 2024. The increase in insurance payments was primarily driven by
        construction insurance and the continued expansion of our data center capacity at Childress. The increase in payments to other suppliers was primarily driven by the expansion of the Group's operations.</div>
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      <div style="text-align: justify; margin-left: 36pt; font-style: italic; font-weight: bold;">Investing activities</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">Our net cash outflow from investing activities was $387.1 million for the three months ended September 30, 2024, compared to a net cash outflow of $17.8 million for the three months ended September
        30, 2023. For the three months ended September 30, 2024, there was an increase in cash used in investing activities of $369.3 million which was attributable to payments for computer hardware prepayments, payments for property, plant and equipment
        net of hardware prepayments and payments consisting of prepayments and deposits.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">Payments for computer hardware prepayments included payments of $268.2 million relating to mining hardware purchases and $9.4 million relating to NVIDIA H200 GPUs purchases. The $268.2 million
        mining hardware purchases were paid in respect of the Bitmain Hardware Purchases Agreements as outlined in &#8220;Hardware Purchases Agreements&#8221; included within this MD&amp;A.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">Our $97.1 million payment for property, plant and equipment net of hardware prepayments primarily related to the purchase of equipment in connection with the continuing expansion of our data center
        capacity at Childress.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">Payments consisting of prepayments and deposits included an additional $3.0 million electricity security deposit paid in relation to the Childress site in connection with the expansion to 200MW as
        of September 30, 2024 and a further $1.2 million payment relating to connection deposits paid in connection with the 1,400MW data center development site located in the renewables-heavy West region of Texas, USA. As of September 30, 2024 we have
        paid $11.7 million of connection deposits in respect of this project and are targeting an April 2026 substation energization date.</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt; font-style: italic; font-weight: bold;">Financing activities</div>
      <div><br>
      </div>
      <div style="text-align: justify; margin-left: 36pt;">Our net cash inflow from financing activities was $84.6 million for the three months ended September 30, 2024, compared to a net cash inflow of $9.0 million for the three months ended September 30,
        2023. For the three months ended September 30, 2024, our cash inflows comprised primarily of $84.0 million in proceeds from the sale of 9,878,075 shares under the Sales Agreement pursuant to our at-the-market program. For the three months ended
        September 30, 2023 our cash inflows consisted primarily of $9.3 million in proceeds from the sale of 2,202,860 shares under the Purchase Agreement pursuant to our equity line of credit, which has since been terminated.</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><u>Notes to the consolidated financial statements</u></div>
      <div style="text-align: justify;"><u>Note 2. Material accounting policies</u></div>
      <div style="text-align: justify;"><u>Revenue and other income recognition</u></div>
      <div><u>Bitcoin mining revenue, page F-15</u></div>
      <div>&#160;</div>
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            <td style="width: 18pt; vertical-align: top; font-style: italic;">3.</td>
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              <div style="font-style: italic;">We note your bitcoin mining revenue policy. Please address the following:</div>
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      <div>&#160;</div>
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                <div style="font-style: italic;">&#8226;</div>
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              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-style: italic;">You disclose that that your performance obligation is to provide computing power (hashrate), however we observe that hashrate is speed, generally quoted in computations per second. We believe your disclosure
                  requires a more precise description of your performance obligation. Please tell us whether a more accurate description of your performance obligation is a service to perform hash calculations for the pool operator, and if so, represent to
                  us that you will revise your disclosure in future filings.</div>
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      <div>&#160;</div>
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                <div style="font-style: italic;">&#8226;</div>
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                <div style="font-style: italic;">
                  <div style="font-style: italic;">You disclose that your mining pool contracts can be terminated at any time by either party without substantive compensation to the other party for such termination, that upon termination, the mining pool
                    operator (i.e., the customer) is only required to pay amounts due related to previously satisfied performance obligations and that therefore, the duration of the contract is less than 24 hours and that the contract continuously renews
                    throughout the day. Confirm for us that your agreements are continually renewed as a result of either party being able to terminate the agreement at any time without penalty and therefore result in a duration that is less than 24 hours.
                    If this is true, represent to us that you will revise your disclosure in future filings to properly state the causal relationship (i.e., contracts are less than 24 hours in duration as a result of them being continuously renewed and not
                    vice versa) and link the continuously renewal determination to the termination rights in your agreements.</div>
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      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Response:</font>&#160;&#160;&#160;&#160;&#160;&#160; In response to the Staff&#8217;s comment, the Company respectfully acknowledges that hashrate is speed, generally quoted in computations per second and may not, by
        itself, directly describe the underlying service performed. In future filings the Company will reflect the nature of the computing services provided, being the provision of services to perform hash calculations.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The Company respectively advises the Staff that its contracts with the mining pools are continually renewed as a result of either party being able to terminate the agreements at any time without penalty and therefore
        result in a duration that is less than 24 hours. The Company will revise future disclosures to reflect this.</div>
      <div>&#160;</div>
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            <td style="width: 18pt; vertical-align: top; font-style: italic;">4.</td>
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              <div style="font-style: italic;">You disclose on page 88 and elsewhere that you liquidate all the Bitcoin you mine daily, that the mining pools you utilize transfer the Bitcoin earned to Kraken on a daily basis and that you typically withdraw
                fiat currency proceeds from Kraken on a daily basis. We note that you also classify receipts from bitcoin mining activities within cash flows from operating activities. Please address the following:</div>
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      <div>&#160;</div>
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                <div style="font-style: italic;">&#8226;</div>
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                <div style="font-style: italic;">
                  <div style="font-style: italic;">Represent to us that you will disclose your accounting policy for crytpo assets in future filings and separately tell us your basis therefor if you classify bitcoin other than an intangible asset in
                    accordance with IAS 38.</div>
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      <div> <br>
      </div>
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                <div style="font-style: italic;">&#8226;</div>
              </td>
              <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="font-style: italic;">
                  <div style="font-style: italic;">
                    <div style="font-style: italic;">Tell us how you considered IAS 7.16(b) which gives cash receipts from sales of intangible assets as an example of cash flows arising from investing activities. Provide us the general time frame you hold
                      cryptocurrencies mined, including the average, maximum and minimum time you held them during the periods presented.</div>
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      <div>&#160;</div>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Response:</font>&#160;&#160;&#160;&#160; In response to the Staff&#8217;s comment the Company respectfully advises the Staff that future filings will include an accounting policy for digital assets. The
        Company will include a policy in its material accounting policies note stating that, in line with IAS 38, digital assets such as Bitcoin are classified as intangible assets due to their lack of physical substance and non-monetary nature.</div>
      <div>&#160;</div>
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      <div></div>
      <div style="text-align: justify;">The Company respectively acknowledges that IAS 7.16(b) generally classifies cash receipts from the sale of intangible assets as cash flows arising from investing activities. However, given the specific circumstances
        of the Company&#8217;s operations, the Company has considered IAS 7.14 which notes that cash flows from operating activities are primarily derived from the principal revenue-producing activities of the Company. The principles outlined in IAS 7.15 further
        support this methodology. The Company has also considered the IAS 7.6 definition of investing activities being &#8220;acquisition and disposal of long-term assets and other investments not included in cash equivalents&#8221;. Bitcoin mining is the Company&#8217;s
        principal revenue-generating activity, and the mined Bitcoin is converted to fiat currency almost immediately, making it an integral part of the Company&#8217;s operating cycle, akin to the sale of goods.&#160; Consequently, the Company respectively considers
        the classification of Bitcoin mined as cash flows arising from operating activities. The Company will clarify the basis for this classification in future filings.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Over the three periods presented, the Bitcoin mined was automatically deposited from each pool and manually liquidated daily in Kraken with the weighted average time held each day being less than 4 hours. The minimum
        time held was less than 1 minute with the maximum time held was 23 hours excluding one liquidation in July 2022 whereby a deposit was held for 25 hours due to a logistical issue on that date. The valuation impact of the logistical issue was
        assessed and not considered material.</div>
      <div>&#160;</div>
      <div><u>AI cloud services revenue, page F-16</u></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z340ed300d2bb4668a7c7ed6968dec8c8">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-style: italic;">5.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">We note that you recognize AI cloud service revenue, which is measured at fair value, ratably over the enforceable term of the contract as services are provided. Please address the following:</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>
        <div style="font-style: italic;">
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">
                  <div><br>
                  </div>
                </td>
                <td style="text-align: left; vertical-align: top; width: 18pt;">
                  <div style="font-style: italic;">&#8226;</div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="font-style: italic;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">Tell us and enhance future filings to more fully describe the AI cloud services you provide;</div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div> <br>
      </div>
      <div style="font-style: italic;">
        <div style="font-style: italic;">
          <table cellspacing="0" cellpadding="0" id="zc909e262851f4b85bf23180a704fddf9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">
                  <div><br>
                  </div>
                </td>
                <td style="text-align: left; vertical-align: top; width: 18pt;">
                  <div style="font-style: italic;">&#8226;</div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="font-style: italic;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">Tell us and enhance future filings to identify the specific rights and performance obligations of each of the parties in the arrangements for the AI cloud services you provide, the nature of
                          consideration you receive, i.e. cash or otherwise, and your application of the authoritative accounting guidance; and</div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160;</div>
      <div style="font-style: italic;">
        <div style="font-style: italic;">
          <table cellspacing="0" cellpadding="0" id="z9ec0338d59bb456aa13d18cf89e9b51d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">
                  <div><br>
                  </div>
                </td>
                <td style="text-align: left; vertical-align: top; width: 18pt;">
                  <div style="font-style: italic;">&#8226;</div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="font-style: italic;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">Tell us whether your AI cloud service contracts meet the definition of a lease under IFRS 16 and provide a discussion of your analysis.</div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>&#160; <br>
      </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Response:</font>&#160;&#160;&#160;&#160; In response to the Staff&#8217;s comment the Company respectfully advises the Staff that the Company utilizes NVIDIA Graphic Processing Units (&#8220;<font style="font-weight: bold;">GPUs</font>&#8221;) and ancillary equipment to provide access to scalable infrastructure to provide cloud computing, computational power, storage and support services. These services support a wide range of AI applications
        used and developed by our customers.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">In line with the requirements of IFRS 15, the Company applies the following steps in recognizing AI cloud services revenue:</div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbe9e12632a994d1aa82b0bfe7c81ce3c">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Identify the contract with a customer including an assessment of the enforceable rights and obligations present;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z628e6163809e4338b3159a820c350cc7">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Identify the individual performance obligations in the contract;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb7b9b087a4d54f71983911ae1b49864a">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">3.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Determine the transaction price for each obligation;</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1808cf1d207a4c71b878697702a86068">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">4.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Allocate the transaction price to the performance obligations. If the contract contains performance obligations (e.g. storage and cloud computing services), the transaction price is allocated at the stand-alone selling price; and</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc140938ef30a4b61990a10e6e9964c28">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">5.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Recognize revenue when the performance obligations are recognized. As the performance obligations are satisfied over time, revenue is measured at the fair value of the consideration received and is recognized ratably over time as
                performance obligations are satisfied, in accordance with IFRS 15.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div class="BRPFPageHeader" style="width: 100%;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 100.00%;"><img src="image00001.jpg"></td>
              </tr>

          </table>
        </div>
      </div>
      <div></div>
      <div style="text-align: justify;">Consideration of the contracts with customers is received in the form of cash.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The Company respectfully advises the Staff that it will include such disclosures in future filings.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The Company has considered the steps in identifying a lease in accordance with IFRS 16. Specifically, the Company notes IFRS 16.9 which outlines a lease as the right to control the use of an identified asset for a
        period of time in exchange for consideration. The Company&#8217;s arrangements with AI cloud services customers do not provide the customer with a right to control an identified asset. The Company retains the ability to swap out GPUs and retains full
        physical and electronic control over the hardware. As customers do not have the right to direct the use of an identified asset, the arrangement does not constitute a lease under IFRS 16.</div>
      <div>&#160;</div>
      <div><u>Note 4. Operating segments, page F-24</u></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3dd0a93b76e54bcb83426aa58a5f36f3">

          <tr>
            <td style="width: 18pt; vertical-align: top;">6.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">We note that you disclose Australia as the geographical region for which the substantial majority of the revenue services were provided whereas you disclose that the underlying assets utilized to generate
                these revenues are predominantly located in North-America. Please tell us your basis for apparently allocating all your mining revenues to Australia and represent to us that you will disclose the basis for allocating revenue to individual
                countries. Refer to IFRS 8: Operating Segments; paragraph 33(a).</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Response:</font>&#160;&#160;&#160; In response to the Staff&#8217;s comment the Company respectfully advises that all Bitcoin mining revenue generated during the periods presented has been earned through
        the services provided under the contracts entered into by the Australian domiciled parent entity, IREN Limited (f/k/a Iris Energy Limited) and the respective third-party mining pools.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The services provided by the Company are supported by intercompany agreements between the parent entity and certain foreign subsidiaries which provide the parent entity with computing services that perform hash
        calculations. The parent entity has elected to direct the output of such computing services to the third-party pools at its own discretion. Consequently 100% of Bitcoin mining revenue is attributable to the Australian domiciled parent entity and
        disclosed accordingly in line with IFRS 8.33(a).</div>
      <div>&#160;</div>
      <div><u>Note 14. Property, plant and equipment, page F-33</u></div>
      <div>&#160;</div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z7d7d49fa872e4554a1001419e166826a">

          <tr>
            <td style="width: 18pt; vertical-align: top;">7.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">We note the $91,608,000 of impairment charges recorded in fiscal 2023 and the reversal of $108,000 of those charges associated with development assets in fiscal 2024. We also note the $12,961,000 impairment of
                computer hardware prepayments in fiscal 2023 as disclosed in Note 12 on page F-31. Please address the following as it relates to the portion of the impairments not associated with the Non-Recourse SPVs that were deconsolidated on February
                3, 2023 and reference for us, where appropriate, the specific authoritative literature you relied upon to support your accounting:</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>
        <div style="font-style: italic;">
          <table cellspacing="0" cellpadding="0" id="z38e764f58b6346cab782746686dff019" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

              <tr style="vertical-align: top;">
                <td style="width: 18pt;">
                  <div><br>
                  </div>
                </td>
                <td style="text-align: left; vertical-align: top; width: 18pt;">
                  <div style="font-style: italic;">&#8226;</div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="font-style: italic;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">Provide us your analyses supporting the impairments of both mining hardware and computer hardware prepayments. Separately for each of these impairments, ensure that your response includes, but is not
                          limited to, the following:</div>
                      </div>
                    </div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div> <br>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4ab56e431ca446258e25850c51fc0da8">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">o</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">Confirm that you recorded the impairments at December 31, 2022 or tell us specifically when during the quarter then ended that you recorded the impairments;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb58b8826291c484d893f38908a3c1a85">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">o</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">The impairment indicators identified;</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4f34ec250b254c13bc606881cfcf725c">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">o</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">How you determined the recoverable amounts; and</div>
            </td>
          </tr>

      </table>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z88623cf72640417db3a3afdf74acde43">

          <tr>
            <td style="width: 72pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">o</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">The recoverable amounts derived.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div class="BRPFPageHeader" style="width: 100%;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 100.00%;"><img src="image00001.jpg"></td>
              </tr>

          </table>
        </div>
      </div>
      <div style="font-style: italic;">
        <div>
          <div style="font-style: italic;">
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 18pt;">
                    <div><br>
                    </div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: 18pt;">
                    <div style="font-style: italic;">&#8226;</div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">
                          <div style="font-style: italic;">
                            <div style="font-style: italic;">As the general market prices of bitcoin improved dramatically during fiscal 2024 (especially toward the middle and latter part of the year) since December 31, 2022, tell us your consideration for
                              reversing part of the impairments recorded.</div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="font-style: italic;"> &#160; </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Response:</font>&#160;&#160;&#160;&#160;&#160; In response to the Staff&#8217;s comment, the Company respectfully advises the Staff that the specific impairment referred to was recorded as at December 31, 2022. The
        Company respectively refers the Staff to the disclosed analysis of the impairments presented in Note 16 of the consolidated financial statements for the year ended June 30, 2023 included in the Annual Report.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">As at December 31, 2022, an impairment analysis was prepared as it was determined that impairment indicators existed including a decline in Bitcoin prices and value of mining hardware.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Management estimated the fair value less cost of disposal (FVLCOD) of the mining hardware and computer hardware prepayments in line with IFRS 36.22 as the FVLCOD was higher than the estimated value in use. This was
        performed using the market approach, based on observable market prices for similar assets. As a result, an impairment of $25,700,000 was recognized on the Group&#8217;s mining hardware and an impairment of $64,824,000 for mining hardware owned by the
        Non-Recourse SPVs, resulting in a total impairment on mining hardware of $90,524,000. Further, an impairment expense of $1,084,000 was recorded for development assets as at December 31, 2022.</div>
      <div>&#160;</div>
      <div></div>
      <div style="text-align: justify;">In relation to computer hardware prepayments an impairment of $11,301,000 was recorded in respect of S19j Pro mining hardware that was yet to be delivered to the Group as at December 31, 2022. The same FVLCOD
        methodology was applied to these prepayments with the fair value of S19j Pro mining hardware at the time used to estimate the fair value of the underlying prepayments. Similarly, $1,660,000 of the $12,961,000 impairment recorded on computer
        hardware prepayments related to assets attributable to the Non-Recourse SPVs.</div>
      <br>
      <div style="text-align: justify;">In response to the Staff&#8217;s comment regarding the improvement in general market pricing of Bitcoin during fiscal 2024, the Company respectfully advises that $64,824,000 of the $91,608,000 impairment of property, plant
        and&#160; equipment referred to was allocated to assets that were subsequently deconsolidated from the Group in February 2023. The remaining impairment of $25,700,000 was primarily in respect of S19j Pro mining hardware which was replaced by more
        efficient hardware as part of a mining re-fleet. As disclosed in the Consolidated Financial Statements for the year ended June 30, 2024, following the announcement of the upgrade of the mining fleet in May 2024, the Company adjusted the associated
        useful lives of all S19jPros accelerating depreciation of the assets to an expected residual value of $3/TH with an estimated disposal date of September 30, 2024. Accordingly, the Company does not consider any reversal of impairments was required.</div>
      <div>&#160;</div>
      <div><u>Note 24. Financial Instruments</u></div>
      <div><u>Power Supply Agreement, page F-44</u></div>
      <div>&#160;</div>
      <div></div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z291747d79cbe4aa1ada1e58428da1bb8">

          <tr>
            <td style="width: 18pt; vertical-align: top;">8.</td>
            <td style="width: auto; vertical-align: top;">
              <div style="font-style: italic;">We note that you entered into a Power Supply Agreement (PSA) for the procurement of electricity at the Childress site in which you have the right to purchase a fixed quantity of electricity in advance at a
                fixed price, with no obligation to take physical delivery and any unused electricity purchased is sold to the PSA counterparty at the prevailing spot price at the time of curtailment. Please tell us and enhance future filings to clarify the
                following:</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>
        <div>
          <div style="font-style: italic;">
            <table cellspacing="0" cellpadding="0" id="z4115877cc935497c90b99b34bb48af72" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 18pt;">
                    <div><br>
                    </div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: 18pt;">
                    <div style="font-style: italic;">&#8226;</div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">
                          <div style="font-style: italic;">
                            <div style="font-style: italic;">The term of the PSA and total MWs that you have the right to purchase;</div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div> <br>
      </div>
      <div>
        <div>
          <div style="font-style: italic;">
            <table cellspacing="0" cellpadding="0" id="z4dfb9694afe2403286a62eb1c76d9c3d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 18pt;">
                    <div><br>
                    </div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: 18pt;">
                    <div style="font-style: italic;">&#8226;</div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">
                          <div style="font-style: italic;">
                            <div style="font-style: italic;">You characterize the electricity financial asset as "prepaid electricity" on page F-18 and the right to purchase electricity "in advance" on page F-44. In your response to the preceding bullet,
                              explain how far in advance payments are made for future electricity purchases and the frequency and timing of additional payments under the PSA;</div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="font-style: italic;">&#160;<br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
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        <div class="BRPFPageHeader" style="width: 100%;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 100.00%;"><img src="image00001.jpg"></td>
              </tr>

          </table>
        </div>
      </div>
      <div style="font-style: italic;">
        <div>
          <div style="font-style: italic;">
            <table cellspacing="0" cellpadding="0" id="zfa26f4b3d03542388882ee9a63f44e7d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 18pt;">
                    <div><br>
                    </div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: 18pt;">
                    <div style="font-style: italic;">&#8226;</div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">
                          <div style="font-style: italic;">
                            <div style="font-style: italic;">Provide more detail on how you apply the forward price approach identified on pages F-18 in Note 2 and F-45 in Note 25. In this regard, you indicate that the fair value of the electricity
                              financial asset is calculated by multiplying the quantity of electricity prepaid by a forward price in the principal market but it is unclear whether you prepay for electricity for the entire duration of the PSA. If you do not
                              prepay for the entire contract, tell us your consideration for valuing the asset over the entire duration of the contract;</div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="font-style: italic;"> <br>
      </div>
      <div style="font-style: italic;">
        <div>
          <div style="font-style: italic;">
            <table cellspacing="0" cellpadding="0" id="zd42e723080854c3eb63cc94d1da8f3fb" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 18pt;">
                    <div><br>
                    </div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: 18pt;">
                    <div style="font-style: italic;">&#8226;</div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">
                          <div style="font-style: italic;">
                            <div style="font-style: italic;">What the unrealized loss represents if unused electricity is sold and the fair value is determined using the forward price approach;</div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="font-style: italic;"> <br>
      </div>
      <div style="font-style: italic;">
        <div>
          <div style="font-style: italic;">
            <table cellspacing="0" cellpadding="0" id="zf0eb7355217e47b291d5099308d4f3c1" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 18pt;">
                    <div><br>
                    </div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: 18pt;">
                    <div style="font-style: italic;">&#8226;</div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">
                          <div style="font-style: italic;">
                            <div style="font-style: italic;">If true, that power usage is not a variable input in fair value determination of the PSA fair value as under the terms of the PSA, the price and quantity of power are fixed. If not true, tell us
                              why not; and</div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="font-style: italic;"> <br>
      </div>
      <div style="font-style: italic;">
        <div>
          <div style="font-style: italic;">
            <table cellspacing="0" cellpadding="0" id="zb02441ed95554d1885d01ecebb73d140" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 18pt;">
                    <div><br>
                    </div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: 18pt;">
                    <div style="font-style: italic;">&#8226;</div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="font-style: italic;">
                      <div style="font-style: italic;">
                        <div style="font-style: italic;">
                          <div style="font-style: italic;">
                            <div style="font-style: italic;">Enhance your rollforward of the change in fair value to disaggregate financial assets realized between gains and losses and/or change in forward prices for the periods presented. In this regard,
                              as you either use power or elect to sell it back in exchange for credits against future power costs, it would appear that settlements occur each period. In your response, tell us how settlements are calculated for purposes of
                              the requested disclosure and how such amounts reconcile to the realized gain on financial assets recognized of $ 4.1 million.</div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
      <div style="font-style: italic;"> &#160; </div>
      <div style="text-align: justify;"><font style="font-weight: bold;">Response:</font>&#160;&#160;&#160;&#160;&#160;&#160; In response to the Staff&#8217;s comment, the Company advises that the PSA was effective from April 3, 2023 and terminable by either party with a 30 day notice period
        or until both parties fulfill their contracted obligations. Under the terms of the PSA, the Company had the ability to contract up to 600MW at a fixed price agreed at least 60 days prior to the relevant monthly usage period.</div>
      <div>&#160;</div>
      <div></div>
      <div style="text-align: justify;">Contracted electricity amounts were typically prepaid in full at least 30 days in advance of each relevant monthly usage period. Electricity was not prepaid for the entire duration of the PSA.</div>
      <div>&#160;</div>
      <div></div>
      <div style="text-align: justify;">Under the terms of the PSA, any unused electricity during the monthly usage period was sold back to the ERCOT power market by the PSA counterparty at the prevailing spot price.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The fair value of the asset was determined by adjusting the prepaid electricity amount for future usage periods by the unrealized gain or loss on the contracted quantities. As noted above, prepayments were generally
        made at least 30 days prior to the corresponding monthly usage period.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">The unrealized gain or loss reflects the difference between the prepaid price contracted for future usage periods and the EROCT forward price as of the valuation date, multiplied by the contracted quantity for each
        respective future usage period. The valuation period for each relevant monthly usage period began upon agreement of the contracted quantity and price for that period. A realized gain or loss was recorded at the conclusion of the respective monthly
        usage period.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Power usage was not a variable input in determining the fair value of outstanding contracted amounts as the quantity prepaid for future periods was fixed as at the valuation date.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">If electricity was sold back to the ERCOT power market at a spot price higher than the contracted price, a realized gain was recorded. Conversely, if the spot price was lower than the contracted price, a realized
        loss was recognized. The realized gain or loss was determined by calculating the difference between the spot price received on the unused electricity and the contracted price for the corresponding period.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: right;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
        <div class="BRPFPageHeader" style="width: 100%;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

              <tr>
                <td style="width: 100.00%;"><img src="image00001.jpg"></td>
              </tr>

          </table>
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      </div>
      <div></div>
      <div style="text-align: justify;">As of June 30, 2024, the unrealized loss reflects the difference between the contracted price for July and August 2024 and the forward price as of June 30, 2024, for each respective period. This difference was
        multiplied by the contracted quantities for the respective periods.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Realized gains/(losses) are recorded on settlement at the end of the relevant monthly usage period. The realized gain of $4.1 million represents the aggregate difference between the contracted price and the spot
        price achieved from the sale of unused electricity to the ERCOT market during the financial year ended June 30, 2024. This is presented net of the financial asset realized in the reconciliation referred to in Note 24.</div>
      <div>&#160;</div>
      <div style="text-align: justify;">On August 23, 2024, the Company signed an addendum to the PSA which enables the purchase of electricity at the prevailing spot rate. Consequently, the Company does not expect to have such financial assets recorded on
        the consolidated statement of financial position in future periods. The Company will respectively revise future disclosures to reflect the Staff&#8217;s comments if such instruments were entered into in the future.</div>
      <div style="text-align: justify;"> <br>
      </div>
      <div>Should any questions arise, please do not hesitate to contact me at +61 410 196 531 or belinda.nucifora@iren.com, or the Company&#8217;s U.S. counsel, Marcel Fausten of Davis Polk &amp; Wardwell at (212) 450-4389 or marcel.fausten@davispolk.com. Thank
        you for your time and attention.</div>
      <div>&#160;</div>
      <div>Very truly yours,</div>
      <div> <br>
      </div>
      <div>/s/ Belinda Nucifora</div>
      <div>&#160;</div>
      <div>Belinda Nucifora</div>
      <div><br>
      </div>
      <div>cc:</div>
      <div>&#160;</div>
      <div>Daniel Roberts, Co-Chief Executive Officer of the Company</div>
      <div>&#160;</div>
      <div>William Roberts, Co-Chief Executive Officer of the Company</div>
      <div>&#160;</div>
      <div> <br>
      </div>
      <div style="text-align: right;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font> </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
