Iris Energy to nearly triple hashrate with estimated 44,000 new BTC miners

Australia-based Bitcoin (BTC) mining company, Iris Energy, revealed it volition astir triple its mining capableness with the summation of thousands of mining rigs.

On Feb. 13 the steadfast said it purchased an further 4.4 Exa Hashes per 2nd (EH/s) worthy of Bitmain Antminer S19j Pro ASIC miners bringing its self-mining capableness to 5.5 EH/s from 2.0 EH/s.

Based connected the S19j Pro’s maximum hashrate of 100 Tera Hashes per 2nd (TH/s), the acquisition adds an estimated 44,000 miners to its fleet, according to Cointelegraph’s calculations.

Daniel Roberts, Iris’ co-founder and Co-CEO said the acquisition “is a important milestone” for the institution and added its been a “challenging play for some the manufacture and markets much generally.”

Iris said the caller miners volition beryllium installed successful the company’s centers but did not notation successful which locations. The steadfast operates 3 facilities successful assorted locations successful British Columbia, Canada and 1 successful Texas successful the United States.

Iris’ flagship tract successful Mackenzie, British Columbia. Source: Iris Energy

The institution utilized $67 cardinal of remaining prepayments to ASIC miner shaper Bitmain to money the acquisition of the rigs “without immoderate further currency outlay.”

Iris had a 10 EH/s declaration with Bitmain which it says “have been afloat resolved, with nary remaining commitments.” It stated it remains indebtedness free.

The steadfast said it’s besides considering options to merchantability surplus miners supra its 5.5 EH/s of mining capableness to re-invest.

Related: Core Scientific to manus implicit 27K rigs to wage $38M debt

In November past twelvemonth the institution was forced to unplug miners utilized arsenic collateral connected a $107.8 cardinal indebtedness arsenic the units were producing “insufficient currency travel to work their respective indebtedness financing obligations.”

Over the past fewer months cryptocurrency miners person faced a compression from aggregate directions, having to face debased Bitcoin prices amid precocious hash rates, precocious mining trouble and precocious vigor prices.

The unit caused publically listed Bitcoin mining companies to sell disconnected astir all of the BTC mined passim 2022 with information from blockchain probe steadfast Messari showing Iris sold astir 100% of the astir 2,500 BTC it mined that year.

A Febuary investigation from Hashrate Index shows publically listed miners accrued their accumulation successful January with amended upwind and unchangeable energy prices helping the accumulation surge. Iris’ January accumulation resulted successful 172 BTC compared to 123 BTC successful December.