Australian bitcoin (BTC) miner IREN (IREN) said it reached its midyear hashrate target of 50 exahashes per second (EH/s) installed self-mining capacity.

The growth from 31 EH/s at the end of last year is anchored by IREN's 750MW site in Childress, Texas, the company formerly known as formerly Iris Energy, said in an announcement on Tuesday.

Sydney-based IREN's attention is now on Horizon 1, a 50MW AI data center at Childress, which it says it set for delivery in the fourth quarter.

Hashrate is a measurement of the computing power behind the Bitcoin network. The higher a company’s hashrate, the higher its chances of mining new BTC and receiving the rewards that come with it. Rival CleanSpark ( CLSK ) also reached the milestone of 50 EH/s last month.

"With 50 EH/s of mining expansion complete, we're now turning to our next frontier, leveraging the same execution discipline to scale AI infrastructure across high-growth compute markets," co-founder Daniel Roberts said in the statement.

IREN's Nasdaq-listed shares closed over 4% higher at $14.57 on Monday. They were recently 4.12% lower in pre-market trading.