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24h Vol: $95,467,003,561
Seeking Alpha 2023-02-13 14:04:37

Iris Energy more than doubles self-mining capacity to 5.5 EH/s

Iris Energy more than doubles self-mining capacity to 5.5 EH/s
Iris Energy ( NASDAQ: IREN ) said Monday it's accelerating its bitcoin ( BTC-USD ) self-mining capacity to 5.5 exahashes per second from 2.0 EH/s over the coming months . The increase was driven by the company's $67M acquisition of 4.4 EH/s of new S19j Pro miners under its 10 EH/s contract with Bitmain, without any additional cash outlay. Following the transaction, Iren's ( IREN ) obligations under its contract with Bitmain have been fully resolved, it said, with no remaining commitments. Having achieved its previously stated goal of 5.5 EH/s, the miner is considering options for the sale of surplus miners (above 5.5 EH/s of self-mining capacity) to re-invest in growth initiatives and/or corporate purposes. The company is scheduled to publish its fiscal Q2 results on Feb. 15. IREN edged higher by 1.1% in premarket trading. Previously, (Feb. 7) Iris Energy mined 172 bitcoins in January .
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