Bitcoin Miner Iris Energy Boosts Organic Expansion After Raising Capital

Bitcoin miner Iris Energy considering possible mergers and acquisitions opportunities as the firm plots its growth plans.

Other alternatives include ongoing organic expansion, the business stated in a statement Friday.

It reached an agreement with investment banking company B. Riley last month to sell up to $100 million in ordinary shares. The company stated:

“The Company continues to monitor funding markets and advance prospective capital opportunities.”

Iris Energy boosted its average operational hash rate by 24% month over month in September, reaching 2.729 exahashes per second (EH/s). At the same time, it mined 325 BTC, representing an 8% rise.

According to the statement, the two were not proportionate because of an increase in the average difficulty-implied global hash rate during the time, which was also the major driver behind the increase in the company’s power expenditures per Bitcoin mined during the month.

Iris stated that its development projects in Canada, the United States, and Asia-Pacific have the potential to support more than 1 gigatonne of electricity capacity, in addition to the 795 megawatts already disclosed.

The firm has three sites in Canada and one under construction in Texas, with a total capacity of 600 megawatts following an initial build-out of 40 megawatts. According to the firm, they are all powered by 100% renewable energy.

There’s been a lot of chatter about consolidation in the Bitcoin mining sector recently, and companies like CleanSpark have already taken advantage of market conditions to buy thousands of mining rigs and mining locations at deep discounts.

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