Bitcoin miner Iris Energy has announced plans to increase the company’s self-mining capacity from 2 exahash per second (EH/s) to approximately 5.5 EH/s, after receiving 4.4 EH/s of Bitmain’s new Antminer S19j Pro miners.
Iris Energy leverages $67 million in Bitmain prepayments for latest mining expansion
Bitcoin mining company, Iris Energy, Announced plans to increase its self-mining capacity to 5.5 exhash per second (EH/s) from 2 EH/s. The company recently took 3.6 EH/s offline from mining rigs in November 2022 after receiving a default notice from a lender. To get machines worth 4.4 EH/s, the company is using approximately $67 million in Bitmain credits.
The newly acquired S19j Pro mining rigs will be distributed among Iris Energy data centers in British Columbia and Texas. If the company discovers that it has excess machines, it will sell them to invest in corporate purposes and growth initiatives. Daniel Roberts, co-founder and co-CEO of Iris Energy, described the latest move as an essential juncture for the bitcoin mining company.
“This is an important milestone for Iris Energy. We are delighted that we have been able to use our remaining Bitmain prepayments to acquire new miners without any additional cash outlays,” Roberts said in a statement. “In doing so, it (not) only increases our self-mining capacity to 5.5 EH/s, all powered by 100% renewable energy data center infrastructure, but also fully resolves our obligations under our contract with Bitmain. Roberts added.
In 2022, bitcoin mining operations faced challenges due to a significant depreciation of BTC prices. Some operations went bankrupt during the crypto winter. However, 2023 has seen an improvement in cryptocurrency prices, although US regulators have increased enforcement, temporarily halting the recent rise. Starting Monday, February 13, 2023, BTCThe price of is stable and oscillates around its value before the collapse of FTX.
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