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Iris Energy Increases Self-Mining Capacity with 4.4 EH/s from New Bitmain Bitcoin Mining Facilities – Mining Bitcoin News

The Bitcoin-Miner Iris Energy announced plans to increase the company’s self-mining capacity from 2 exahash per second (EH/s) to around 5.5 EH/s, after achieving 4.4 EH/s from the new Antminer S19j Pro -Miner received from Bitmain.

Iris Energy Leverages $67M in Bitmain Upfront Payments for Latest Mining Expansion

The Bitcoin miningCompany Iris Energy announced plans to increase its self-mining capacity from 2 EH/s to 5.5 exahash per second (EH/s). The company recently unplugged 3.6 EH/s of mining rigs in November 2022 after receiving a reminder from a lender. To get 4.4 EH/s worth of machines, the company uses about $67 million in Bitmain balances.

The newly acquired S19j Pro mining rigs will be distributed across Iris Energy’s data centers in British Columbia and Texas. When the company finds it has a surplus of machinery, it sells it to invest in corporate causes and growth initiatives. Daniel Roberts, co-founder and co-CEO of Iris Energy, described the latest move as a major turning point for the bitcoin mining company.

“This is a significant milestone for Iris Energy. We are pleased that we were able to use our remaining Bitmain upfront payments to acquire new miners with no additional cash outlay,” Roberts said in a statement. “Included [it] not just increase[s] our self-mining capacity to 5.5 EH/s, all powered by 100% renewable energy data center infrastructure but also fully resolved[s] our obligations under our contract with Bitmain,” Roberts added.

In 2022, bitcoin mining operations faced challenges due to a significant depreciation in BTC prices. Some operations went bankrupt during the crypto winter. In 2023, however, crypto prices have improved despite US regulators stepping up enforcement, temporarily halting the recent surge. As of Monday, February 13, 2023, the price of BTC is stable and hovering around its pre-FTX collapse value.

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

Iris Energy Increases Self-Mining Capacity with 4.4 EH/s from New Bitmain Bitcoin Mining Facilities – Mining Bitcoin News, Crypto Trading News

Jamie Redman

Jamie Redman is the news director at News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about today’s emerging disruptive protocols.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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