Iris Energy Ltd (IREN) shares witnessed a surge of 5.07% on Tuesday, driven by the company's strategic move to significantly boost its self-mining capacity for Bitcoin. The rally reflected investors' optimism towards Iris Energy's commitment to enhancing its operational efficiency and market presence in the burgeoning Bitcoin mining sector.

According to the latest update from the company, Iris Energy has increased its self-mining capacity by a substantial 33% to 28 EH/s (Exahash per second), following the energization of its Childress Phase 3 substation. This expansion is part of the company's broader growth trajectory, with plans to reach 31 EH/s within the current month, and an ambitious target of achieving 50 EH/s capacity by the first half of 2025.

Investors have responded positively to Iris Energy's aggressive capacity expansion, recognizing the company's strategic positioning as a large-scale, low-cost Bitcoin producer with competitive electricity costs. As the cryptocurrency market continues to evolve, the company's focus on operational efficiency and scalability is expected to further solidify its position in the industry.