Bitcoin miner, Iris Power, introduced plans to extend the corporate’s self-mining capability, from 2 exahash per second (EH/s) to roughly 5.5 EH/s, after it receives 4.4 EH/s of recent Antminer S19j Professional miners from Bitmain.
Iris Power Leverages $67 Million in Bitmain Prepayments for Newest Mining Enlargement
Bitcoin mining firm, Iris Power, introduced plans to extend its self-mining capability to five.5 exahash per second (EH/s) from 2 EH/s. The corporate lately unplugged 3.6 EH/s of mining rigs in November 2022 after receiving a default discover from a lender. To acquire 4.4 EH/s price of machines, the corporate is using roughly $67 million in Bitmain credit.
The newly acquired S19j Professional mining rigs shall be distributed amongst Iris Power’s information facilities in British Columbia and Texas. If the corporate finds it has an extra of machines, it should promote them to spend money on company functions and progress initiatives. Daniel Roberts, co-founder and co-CEO of Iris Power, described the most recent transfer as an important juncture for the bitcoin mining agency.
“It is a important milestone for Iris Power. We’re delighted to have been in a position to make the most of our remaining Bitmain prepayments to accumulate new miners with none extra money outlay,” Roberts stated in an announcement. “In doing so, [it] not solely improve[s] our self-mining capability to five.5 EH/s, all powered by 100% renewable vitality information heart infrastructure, but additionally absolutely resolve[s] our obligations below our contract with Bitmain,” Roberts added.
In 2022, bitcoin mining operations confronted challenges as a consequence of a big depreciation of BTC costs. Some operations went bankrupt in the course of the crypto winter. Nonetheless, 2023 has seen an enchancment in crypto costs, though U.S. regulators have elevated enforcement, which has quickly paused the current rise. As of Monday, February 13, 2023, BTC’s worth is steady and hovering round its worth previous to the FTX collapse.
What do you assume the long run holds for bitcoin mining firms like Iris Power? Share your ideas within the feedback beneath.
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