Iris Energy December bitcoin production drops 19% M/M

Iris Energy ( NASDAQ: IREN ) shares are up around +5% on Thursday as the bitcoin mining data centers company posted a 25% M/M decline in average operating hashrate for December 2022. Average operating hashrate fell to 1,086 PH/s from 1,445 PH/s in November. The company mined 123 Bitcoin in the month, down from 151 in the previous month. It posted a monthly operating revenue of $2.1M (- 27% M/M). The reduction in operating metrics primarily reflects the first full month of operations following termination of hosting arrangements in connection with certain limited recourse equipment financing facilities following receipt of an acceleration notice from the relevant lender under such facilities. As of end-2022 Iris Energy ( IREN ) had $39M cash and no debt.