Iris Energy November bitcoin production slides over 65% M/M

Iris Energy ( NASDAQ: IREN ) shares gained 5% premarket on Tuesday even as the bitcoin mining data centers company reported a 63% M/M decline in average operating hashrate for November 2022. Average operating hashrate fell from 3,903 PH/s in October 2022 to 1,445 PH/s. The company mined 151 Bitcoin in the month, down 66% M/M, generating monthly operating revenue of $2.9M. The reduction in operating metrics (vs. October) primarily reflects termination of hosting arrangements during the month in connection with certain of the group’s limited recourse equipment financing facilities following receipt of an acceleration notice from the relevant lender under such facilities. As of Nov 30, Iris Energy ( IREN ) had $47M cash and no debt.