Iris Energy Increases Self-Mining Capacity with 4.4 EH/s of New Bitmain Bitcoin Mining Rigs
Bitcoin mining company, Iris Energy, announced the expansion of its own mining capacity from 2 EH/s to 5.5 exahash per second (EH/s). The company recently unplugged a 3.6 EH/s mining rig in November 2022 after receiving a default notice from a lender. The company is, of course, using about $67 million in Bitmain credits to get the machine worth 4.4 EH/s.
The newly acquired S19j Pro mining rigs will be distributed across Ayres Energy’s data centers in British Columbia and Texas, and if the company finds it has surplus machines, it will certainly use them to invest in corporate objectives and growth initiatives. Will sell for Co-founder and co-CEO Daniel Roberts described and lauded the latest move as a necessary juncture for bitcoin mining firms.
According to the co-founder, this is definitely an important milestone for the company, and in a statement he said that “we will definitely be able to use the rest of our Bitmain prepayments to acquire new miners without any additional cash outlay.” And in doing so, not only does it increase our automated mining capacity to 5.5 EH/s, all powered by 100% renewable energy data center infrastructure, but also under our contract with Bitmain. fully settles the obligations that have been established”. In 2022, bitcoin mining operations faced challenges due to a massive drop in the price of BTC, and some operations even went bankrupt during the crypto winter. However, the US has shown an increase in regulatory on-hai enforcement which has recently temporarily halted the growth. As of Monday, February 13, 2023, the price of BTC is completely stable and hovering around its value before the FTX collapse.