Australia-based Bitcoin (BTC) mining firm Iris Power has revealed it can almost triple its mining capability with the addition of 1000’s of mining rigs.
On Feb. 13 the agency stated it bought an extra 4.4 exahashes per second (EH/s) value of Bitmain Antminer S19j Professional ASIC miners, bringing its self-mining capability to five.5 EH/s from 2.0 EH/s.
Based mostly on the S19j Professional’s most hash fee of 100 terahashes per second (TH/s), the acquisition provides an estimated 44,000 miners to its fleet, based on Cointelegraph’s calculations.
Daniel Roberts, Iris’ co-founder and co-CEO, stated the acquisition “is a major milestone” for the corporate, including it has been a “difficult interval for each the trade and markets extra usually.”
Iris stated the brand new miners will probably be put in within the firm’s facilities however didn’t point out during which areas. The agency operates three services in numerous areas in British Columbia, Canada and one in Texas in the USA.
The corporate used $67 million of remaining prepayments to ASIC miner producer Bitmain to fund the acquisition of the rigs “with none extra money outlay.”
Iris had a ten EH/s contract with Bitmain which it says “have been totally resolved, with no remaining commitments.” It acknowledged it stays debt free.
The agency stated it’s additionally contemplating choices to promote surplus miners above its 5.5 EH/s of mining capability to re-invest the funds.
Associated: Core Scientific at hand over 27K rigs to pay $38M debt
Final November the corporate was pressured to unplug miners used as collateral on a $107.8 million mortgage, because the models had been producing “inadequate money circulate to service their respective debt financing obligations.”
Over the previous few months, cryptocurrency miners have been squeezed from a number of instructions, having to confront low Bitcoin costs amid excessive hash charges, excessive mining problem and excessive vitality costs.
The stress triggered publicly listed Bitcoin mining firms to unload nearly all the BTC mined all through 2022 with information from blockchain analysis agency Messari exhibiting Iris offered round 100% of the almost 2,500 BTC it mined that yr.
A February evaluation from Hashrate Index exhibits that publicly listed miners elevated their manufacturing in January with higher climate and secure electrical energy costs serving to the manufacturing surge. Iris’ January manufacturing resulted in 172 BTC, in comparison with 123 BTC in December.