Bitcoin miner, Iris Energy, introduced plans to extend the corporate’s self-mining capability, from 2 exahash per second (EH/s) to roughly 5.5 EH/s, after it receives 4.4 EH/s of new Antminer S19j Pro miners from Bitmain.
Iris Energy Leverages $67 Million in Bitmain Prepayments for Latest Mining Expansion
Bitcoin mining firm, Iris Energy, introduced plans to extend its self-mining capability to five.5 exahash per second (EH/s) from 2 EH/s. The firm not too long ago unplugged 3.6 EH/s of mining rigs in November 2022 after receiving a default discover from a lender. To receive 4.4 EH/s price of machines, the corporate is using roughly $67 million in Bitmain credit.
The newly acquired S19j Pro mining rigs might be distributed amongst Iris Energy’s information facilities in British Columbia and Texas. If the corporate finds it has an extra of machines, it’s going to promote them to spend money on company functions and development initiatives. Daniel Roberts, co-founder and co-CEO of Iris Energy, described the newest transfer as a necessary juncture for the bitcoin mining agency.
“This is a significant milestone for Iris Energy. We are delighted to have been able to utilize our remaining Bitmain prepayments to acquire new miners without any additional cash outlay,” Roberts mentioned in a press release. “In doing so, [it] not only increase[s] our self-mining capacity to 5.5 EH/s, all powered by 100% renewable energy data center infrastructure, but also fully resolve[s] our obligations under our contract with Bitmain,” Roberts added.
In 2022, bitcoin mining operations confronted challenges as a consequence of a big depreciation of BTC costs. Some operations went bankrupt throughout the crypto winter. However, 2023 has seen an enchancment in crypto costs, though U.S. regulators have elevated enforcement, which has briefly paused the latest rise. As of Monday, February 13, 2023, BTC’s value is steady and hovering round its worth previous to the FTX collapse.
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