Iris Energy Bolsters Self-Mining Capability With 4.4 EH/s Of New Bitmain Bitcoin Mining Equipment – Bitcoin Mining News

Bitcoin miner Iris Energy has announced plans to expand its automated mining capabilities to 5.5 EH/s after acquiring 4.4 EH/s from Bitmain’s latest Antminer S19j Pro miners.

Iris Energy Utilizes $67 Million Bitmain Prepayments for Mining Growth

Bitcoin mining company Iris Energy has revealed plans to increase its self-mining capability to 5 EH/s. To do this, the firm took 3.6 EH/s from mining rigs out of service in November 2022 following a default discovery from a lender. To get the machines priced at 4.4 EH/s, the corporation used approximately $67 million Bitmain credit. The recently acquired S19j Pro miners allow the company to spread the rigs among its other knowledge facilities in British Columbia and Texas. Should the company discover it has surplus machines, they will be encouraged to invest in company growth initiatives.

Daniel Roberts, co-founder & co-CEO of Iris Energy, described the recent move as a major turning point in the history of the bitcoin mining firm. “This is a significant milestone for Iris Energy. We are delighted that we have been able to use our remaining Bitmain prepayments to acquire new miners without any additional cash outlays,” Roberts said in a press release. “This not only improves our self-mining capabilities to 5.5 EH/s but also fulfills our obligations under our contract with Bitmain,” Roberts added.

In 2022, bitcoin mining operations faced a lot of difficulties due to the sharp drop in BTC prices. During the crypto winter, some operations went bankrupt. However, the cryptocurrency market has experienced an increase in value since 2023. Nevertheless, US regulators have increased enforcement and temporarily put a stop to the latest rise. As of Monday, June 2023, the BTC price remains steady and is roughly the same as before the FTX crash.

Do you think bitcoin mining companies such as Bitmain will continue to thrive in the long-term? What do you think about Iris Energy? Feel free to share your thoughts in the comment section below.