Iris Energy Acquires 7,000 Bitmain S21 Miners To Increase Self-Mining Capacity

Key Points:

• Iris Energy is increasing its self-mining capacity by 25% to 7.0 EH/s with the acquisition of Bitmain S21 miners.
• Bitmain’s S21 miners offer industry-leading efficiency, improving fleet resilience and data center capital efficiency.

Iris Energy has partnered with Bitmain to acquire 7,000 latest-generation Bitmain S21 miners. Shipping is scheduled for early 2024, increasing the Company’s self-mining capacity from 5.6 EH/s to 7.0 EH/s.

Iris Energy Limited is set to increase its self-mining capacity by a whopping 25%, up from 5.6 exahashes per second (EH/s) to 7.0 EH/s by acquiring 1.4 EH/s of the latest-generation Bitmain S21 miners, a strategic partnership with Bitmain Technologies Delaware Limited.

The Bitmain S21 miners are known for their industry-leading efficiency, operating at an impressive 17.5 joules per terahash (J/TH). This increased efficiency not only enhances fleet resilience post-halving but also improves the capital efficiency of data centers.

Bitmain S21 Miners Acquisition

The total purchase price for this expansion is $19.6 million, with $16.7 million to be paid before shipment and the remaining $2.9 million deferred for one year post-shipment. Iris Energy plans to fund this acquisition through various sources, including existing capital reserves and operating cash flow.

Furthermore, Energy remains on track with its 80MW expansion at Childress, Texas, and is even eyeing a near-term expansion potential of up to 9.4 EH/s. The firm is clearly making strategic moves to establish a strong presence in the crypto-mining industry.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.