Iris Energy Increases Self-Mining Capacity To 5.5 EH/s After Buying 4.4 EH/s In Machines

Key Points:

• According to Iris Energy, $67 million of the remaining Bitmain prepayments were used to purchase 4.4 EH/s of brand-new S19j Pro miners without the need for additional funding.
• In the next months, the self-mining operating capacity will rise from 2.0 EH/s1 to 5.5 EH/s thanks to the installation of recently purchased miners in the company’s data centers.
• Iris Energy is also examining the possibility of selling surplus miners to raise money for business or growth-related projects.

The self-mining capability of Iris Energy will increase from 2.0 EH/s to 5.5 EH/s, the company reported.

Iris Energy was able to purchase 4.4 EH/s of new S19j Pro miners without having to spend any additional money by successfully utilizing the remaining prepayments of $67 million under its 10 EH/s contract with Bitmain. This included a concurrent sale of 2.3 EH/s of the remaining 6.7 EH/s contracted miners to a third party.

Iris Energy’s Co-Founder & Co-CEO, Daniel Roberts, stated:

“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 and, in doing so, not only increase our self-mining capacity to 5.5 EH/s, all powered by 100% renewable energy data center infrastructure, but also fully resolve our obligations under our contract with Bitmain.”

The company is also thinking about selling any surplus miners with self-mining capacities beyond 5.5 EH/s so that the proceeds may be reinvested in expansion strategies and/or corporate goals.

In November, the company shut off 3.6 EH/s worth of equipment that was the collateral for debts totaling more than $100 million after receiving a warning from its lender that it was in default.

Iris Energy said in November that, given the economics of mining, the machines used as collateral weren’t profitable enough to cover debts, earning only about $2 million in BTC in gross profit each month compared to the debt obligations of $7 million.

According to the its operating results and business updates for December 2022, the company had $39 million in cash and no debt.

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Harold

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