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Iris Energy Limited (NASDAQ:IREN) has released its monthly investor update for May, revealing bitcoin mining operations that have grown significantly month-over-month.

The company mined 508 bitcoin in May, up 59% from April, generating monthly operating revenue of US$13.5 million, a 50% increase. That jump, along with higher electricity costs ($6.1 million vs. $4.2 million in April), was due to an increase in installed miners.

Iris also upped its operating hash rate 39% to 5.5 exahashes per second. That number should continue to climb, as the company announced a fully-funded expansion to 6.5 EH/s on May 10.

To that end, the company has completed the first 20 megawatt (MW) data center in Childress, Texas, with the second 20 MW center underway.

Iris Energy also reported $54.8 million in cash and no debt on its balance sheet.

Meanwhile, the company announced that director Michael Alfred acquired an additional 195,000 ordinary shares for total consideration roughly $700,000. Alfred has acquired 750,461 ordinary shares since March 13 for approximately $2.5 million.

The full update can be read here.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Iris Energy Limited ramps up Bitcoin mining hash rate - Proactive Investors USA