{"id":70405,"date":"2022-11-21T19:50:08","date_gmt":"2022-11-21T17:50:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=70405"},"modified":"2025-09-08T01:55:09","modified_gmt":"2025-09-07T22:55:09","slug":"iris-energy-shuts-down-most-of-its-mining-equipment","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/iris-energy-shuts-down-most-of-its-mining-equipment\/","title":{"rendered":"Iris Energy Shuts Down Most of Its Mining Equipment"},"content":{"rendered":"<p>Iris Energy has shut down most of its devices after <a href=\"https:\/\/forklog.com\/en\/news\/iris-energy-faces-103-million-default-notice\">default notice<\/a> received by two of its subsidiaries. This is stated in a <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1878848\/000114036122042419\/ny20005141x6k.htm\">filing<\/a> with the U.S. Securities and Exchange Commission.<\/p>\n<p>The two SPVs are special-purpose entities formed by the company to purchase the equipment, secured by its collateral.<\/p>\n<p>The total debt is estimated at <a href=\"https:\/\/forklog.com\/en\/news\/iris-energy-secures-71-million-in-debt-financing-to-buy-new-bitcoin-miners\">$107.8 million<\/a> (including accrued interest and penalties for default), according to the filings.<\/p>\n<p>Iris Energy said that the disabled devices accounted for 3.6 EH\/s, with the current hashrate at 2.4 EH\/s. This includes:<\/p>\n<ul class=\"wp-block-list\">\n<li>operating miners (1.1 EH\/s);<\/li>\n<li>machines in transit and deployment (1.3 EH\/s).<\/li>\n<\/ul>\n<p>As of November 20, about 90 MW had been freed.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The group continues to explore the possibilities of using available data-centre capacity [\u2026] . The facilities were deliberately structured to prudent risk management to protect the core business and infrastructure,&#8221; Iris Energy said.<\/p>\n<\/blockquote>\n<p>The mining company&#8217;s securities fell on the news.<\/p>\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"693\" height=\"486\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2022-11-21-v-19.46.53.png\" alt=\"Iris Energy shuts down part of its mining equipment\" class=\"wp-image-191450\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2022-11-21-v-19.46.53.png 693w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2022-11-21-v-19.46.53-300x210.png 300w\" sizes=\"auto, (max-width: 693px) 100vw, 693px\" \/><figcaption>Data: Google Finance.<\/figcaption><\/figure>\n<p>In March, Iris Energy <a href=\"https:\/\/forklog.com\/en\/news\/iris-energy-secures-71-million-in-debt-financing-to-buy-new-bitcoin-miners\">raised $71 million<\/a> of debt financing to purchase new mining equipment.<\/p>\n<p>Earlier, the company <a href=\"https:\/\/forklog.com\/en\/news\/iris-energy-to-secure-600-mw-texas-mining-capacity\">signed an agreement with AEP Texas<\/a> to connect a Texas data centre for Bitcoin mining with a capacity of 600 MW.<\/p>\n<p>In September, Iris Energy signed an agreement with investment bank B. Riley to sell to him <a href=\"https:\/\/forklog.com\/en\/news\/iris-energy-to-raise-up-to-100-million-in-equity-capital\">up to $100 million<\/a> of its shares over two years.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mining company Iris Energy shut down most of its devices after a default notice received by two of its subsidiaries. This is stated in a filing with the U.S. Securities and Exchange Commission.<\/p>\n","protected":false},"author":1,"featured_media":70406,"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-70405","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":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70405","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=70405"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70405\/revisions"}],"predecessor-version":[{"id":70407,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/70405\/revisions\/70407"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/70406"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=70405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=70405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=70405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}