{"id":69713,"date":"2022-11-08T13:09:31","date_gmt":"2022-11-08T11:09:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69713"},"modified":"2025-09-07T21:42:26","modified_gmt":"2025-09-07T18:42:26","slug":"iris-energy-faces-103-million-default-notice","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/iris-energy-faces-103-million-default-notice\/","title":{"rendered":"Iris Energy faces $103 million default notice"},"content":{"rendered":"<p>The mining company Iris Energy <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1878848\/000114036122040124\/brhc10043824_6k.htm\">notified<\/a> <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> that two of its subsidiaries received a notice of default on a combined debt of $103 million.<\/p>\n<p>The two special-purpose vehicles, registered by the firm to purchase equipment secured by its collateral, carry debt of $32 million (secured by devices with a total hashrate of 1.6 EH\/s) and <a href=\"https:\/\/forklog.com\/en\/news\/iris-energy-secures-71-million-in-debt-financing-to-buy-new-bitcoin-miners\">$71 million<\/a> (2 EH\/s).<\/p>\n<p>In the notice, the creditor of the Australian Bitcoin miner said that the company was unable to continue \u201cgood-faith discussions\u201d of debt restructuring.<\/p>\n<p>On November 2, Iris Energy <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1878848\/000114036122039464\/brhc10043621_ex99-1.htm\">stated<\/a> to the SEC that the units generate $2 million in monthly revenue from cryptocurrency mining. Regular debt service for this period amounts to $7 million.<\/p>\n<p>The company said it has begun talks with the creditor and secured a deferral of the next payment to November 8.<\/p>\n<p>If no financing-restructuring agreement is reached, a default will occur, Iris Energy warned. The creditor could seize the pledged equipment, which would affect current operations.<\/p>\n<p>The company also has $1 million in debt secured by ASIC miners with a combined hashrate of 0.2 EH\/s.<\/p>\n<p>Cash on hand stands at $53 million. Iris Energy operates a fleet of devices with a total hashrate of 2.4 EH\/s, unencumbered by credit agreements.<\/p>\n<p>Some of the firm&#8217;s subsidiary companies have already terminated hosting contracts with the entities that received notices from the creditor, Iris Energy said.<\/p>\n<p>The company will consider hosting third-party equipment on the vacated sites or acquiring devices for its own Bitcoin mining operations.<\/p>\n<p>Iris Energy continues construction of data centres in British Columbia, Canada and Texas, United States.<\/p>\n<p>The connected capacity of the latter may reach up to 600 MW, under an agreement with energy company AEP Texas.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining company Iris Energy notified the SEC that two of its subsidiaries received a notice of default on a total debt of $103 million.<\/p>\n","protected":false},"author":1,"featured_media":69714,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1639,1097],"class_list":["post-69713","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-iris-energy","tag-lending"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=69713"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69713\/revisions"}],"predecessor-version":[{"id":69715,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69713\/revisions\/69715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69714"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}