Hash Rate Expansion Plan Lifts Iris Energy Shares
Iris Energy (IREN), a NASDAQ-listed Bitcoin mining company, revealed intentions on Tuesday to increase its hash rate capacity by 63% to 9.1 exahashes per second (EH/s) by early 2024.
Iris is currently constructing 80MW of data centre space to complete phase 1 of their 600MW complex in Childress, Texas.
“Near-term focus remains on data centre construction, with flexibility on timing for miner purchases subject to funding and market conditions,” the business said in a press release.
Since announcing its expansion intentions, the company’s stock has risen 21% on the day, from $3.55 to $4.14, putting Iris up a whopping 247% year to date.
(With inputs from Shikha Singh)
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