Iris Energy Boosts Self-Mining Capacity With 4.4 EH/s of New Bitmain Bitcoin Mining Rigs

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 latest Antminer S19j Pro miners from Bitmain.

Iris Energy Leverages $67 Million in Bitmain Prepayments for Latest Mining Expansion

Bitcoin mining firm, Iris Energy, announced 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 notice from a lender. To get hold of 4.4 EH/s value of machines, the corporate is using roughly $67 million in Bitmain credit.

The newly acquired S19j Pro mining rigs can 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 progress initiatives. Daniel Roberts, co-founder and co-CEO of Iris Energy, described the most recent transfer as a vital juncture for the bitcoin mining agency.

“This is a major milestone for Iris Energy. We are delighted to have been in a position to make the most of our remaining Bitmain prepayments to amass new miners with none extra money outlay,” Roberts mentioned in a press release. “In doing so, [it] not solely improve[s] our self-mining capability to five.5 EH/s, all powered by 100% renewable vitality information middle infrastructure, but in addition absolutely resolve[s] our obligations beneath our contract with Bitmain,” Roberts added.

In 2022, bitcoin mining operations confronted challenges on account of a major 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 increased enforcement, which has briefly paused the current rise. As of Monday, February 13, 2023, BTC’s worth is secure and hovering round its worth previous to the FTX collapse.

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