Iris Energy to nearly triple hashrate with estimated 44,000 new BTC miners


Australia-based Bitcoin (BTC) mining firm, Iris Vitality, revealed it is going to almost triple its mining capability with the addition of 1000’s of mining rigs.

On Feb. 13 the agency said it bought a further 4.4 Exa Hashes per second (EH/s) value of Bitmain Antminer S19j Professional ASIC miners bringing its self-mining capability to five.5 EH/s from 2.0 EH/s.

Primarily based on the S19j Professional’s most hashrate of 100 Tera Hashes per second (TH/s), the acquisition provides an estimated 44,000 miners to its fleet, in response to Cointelegraph’s calculations.

Daniel Roberts, Iris’ co-founder and Co-CEO stated the acquisition “is a big milestone” for the corporate and added its been a “difficult interval for each the trade and markets extra typically.”

Iris stated the brand new miners will likely be put in within the firm’s facilities however didn’t point out during which areas. The agency operates three amenities in varied areas in British Columbia, Canada and one in Texas in the USA.

Iris’ flagship web site in Mackenzie, British Columbia. Supply: Iris Energy

The corporate used $67 million of remaining prepayments to ASIC miner producer Bitmain to fund the acquisition of the rigs “with none more money outlay.”

Iris had a ten EH/s contract with Bitmain which it says “have been absolutely resolved, with no remaining commitments.” It said it stays debt free.

The agency stated it’s additionally contemplating choices to promote surplus miners above its 5.5 EH/s of mining capability to re-invest.

Associated: Core Scientific to hand over 27K rigs to pay $38M debt

In November final yr the corporate was forced to unplug miners used as collateral on a $107.8 million mortgage because the items have been producing “inadequate money circulate to service their respective debt financing obligations.”

Over the previous few months cryptocurrency miners have confronted a squeeze from a number of instructions, having to confront low Bitcoin costs amid excessive hash charges, excessive mining problem and excessive vitality costs.

The stress induced publicly listed Bitcoin mining firms to sell off almost all of the BTC mined all through 2022 with information from blockchain analysis agency Messari exhibiting Iris bought round 100% of the almost 2,500 BTC it mined that yr.

A Febuary evaluation from Hashrate Index reveals publicly listed miners increased their production in January with higher climate and secure electrical energy costs serving to the manufacturing surge. Iris’ January manufacturing resulted in 172 BTC in comparison with 123 BTC in December.