Bitcoin Miner Iris Energy Jumps 9%
Iris Energy, a Canadian Bitcoin mining firm, has increased its computer fleet by 25% to 7.0 EH/s, bringing its total hashrate from 5.6 to 7.0 EH/s, by adding 7,000 of Bitmain’s newest S21 miners, costing the company $19.6 million. This expansion comes just six months before Bitcoin’s anticipated “halving” event.
The company plans to fund the purchase of Bitcoin’s hashrate, which refers to the number of hashes miners can generate to solve a complex mathematical problem, with an exahash equivalent to one quintillion hashes. Existing capital sources are expected to be used for the purchase.
Bitcoin mining companies like Iris Energy are aiming to increase their self-mining capacity from 2.0 exahashes per second to 5.5 EH/s, as their hash rate is recovering to pre-FTX levels after a massive debt crunch in November. This move is expected to increase the chances of winning the race to mine Bitcoin blocks, as faster miners can produce hashes, leading to more BTC and revenue. This move is part of a larger effort to improve Bitcoin mining efficiency.
(With inputs from Shikha Singh)
You need to login in order to Like
