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

Bitcoin miner Iris Energy has announced plans to increase the company’s self-mining power from 2 exahashes per second (EH/s) to around 5.5 EH/s after it gets 4.4 EH/s of Bitmain’s new Antminer S19j Pro miners. .

Iris Energy Uses $67M Bitmain Upfront for Latest Mining Expansion

Bitcoin mining company Iris Energy, announced plans to increase its self-mining power to 5.5 exahashes per second (EC/s) from 2 EH/s. Recently in November 2022, the company disabled 3.6 EH/s mining rigs after receiving default notification from the lender. To get 4.4 EH/s machines, the company is using around $67 million worth of Bitmain loans.

The newly acquired S19j Pro mining rigs will be distributed to Iris Energy data centers in British Columbia and Texas. If a company finds that it has a surplus of machines, it will sell them to invest in corporate goals and growth initiatives. Daniel Roberts, co-founder and co-CEO of Iris Energy, called the latest move a milestone for the bitcoin mining company.

“This is an important milestone for Iris Energy. We are pleased that we were able to use our remaining Bitmain prepayments to purchase new miners without any additional cash outlay,” Roberts said in a statement. “Wherein [it] not only increase[s] our self-mining power is up to 5.5 EH/s, they are all powered by 100% renewable energy data center infrastructure, but also fully solve[s] our obligations under our contract with Bitmain,” added Roberts.

Bitcoin mining operations run into trouble in 2022 due to significant depreciation BTC Prices. Some operations went bankrupt during the crypto winter. However, there has been an improvement in cryptocurrency prices in 2023, although US regulators have stepped up scrutiny, temporarily halting recent growth. As of Monday, February 13, 2023, BTCthe price is stable and fluctuates around its value before the collapse of FTX.

What do you think is the future of bitcoin mining companies like Iris Energy? Share your thoughts in the comments below.

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