IREN (IREN) said Monday it reached its year-end installed self-mining bitcoin capacity target of 31 exahashes per second.

The completion of phase 3 at the Childress County, Texas, facility increased capacity from 28 EH/s.

The company said it is well-positioned to achieve the next growth target of 50 EH/s by H1 2025.

Shares of the company fell 7.6% in recent Monday trading.

Price: 10.92, Change: -0.89, Percent Change: -7.56