Iris Energy to boost self-mining hash rate to 5.5 EH/s

The Bitcoin miner Iris Energy announced plans to boost self-mining capacity from 2 EH/s to 5.5 EH/s.

$IREN today announced it is increasing self-mining capacity from 2.0 EH/s to 5.5 EH/s over the coming months.

Utilized remaining Bitmain prepayments of US$67m to acquire 4.4 EH/s of new miners without any additional cash outlay. #bitcoin

— Iris Energy (@irisenergyco) February 13, 2023

The firm paid a $67 million deposit to Bitmain, the miner maker. With this sum, the Australian company will receive Antminer S19j Pro devices with a total hash rate of 4.4 EH/s.

Iris Energy is considering selling surplus contracted equipment. Under arrangements with Bitmain, the total delivery volume stands at 10 EH/s.

\”We would like to thank Bitmain for their ongoing support and partnership, especially during a challenging period for both the industry and the market at large. We look forward to continuing our relationship in the long term,\” said Iris Energy co-founder and CEO Daniel Roberts.

In November 2022, the company’s default on a loan secured by equipment. As a result Iris Energy partially shut down the equipment.

The company expects in the coming months to secure power for the Childress site in Texas total capacity of 600 MW. After energisation, the company will recover a deposit of about $18 million, previously paid to the provider AEP Texas.

In September 2022, Iris Energy signed an agreement with investment bank B. Riley to sell shares for up to $100 million over two years.