Bitcoin miner Iris vitality purchased 4.4 EH/s price of machines with $67 million in Bitmain prepayments and now expects to almost triple its hashrate.
The corporate turned off about 3.6 EH/s price of machines collateralizing over $100 million in loans in November after getting a default discover from its lender.
The brand new miners (S19j Professional) will probably be put in “over the approaching months” and produce Iris’s hashrate as much as 5.5 EH/s, the corporate mentioned.
“It is a important milestone for Iris Power. We’re delighted to have been capable of make the most of our remaining Bitmain prepayments to accumulate new miners with none more money outlay,” mentioned co-founder and co-CEO Daniel Roberts.
The corporate can be contemplating promoting any surplus miners over 5.5 EH/s of self-mining capability “to re-invest in development initiatives and/or company functions.”
Iris is debt free after extinguishing its loans on the finish of final 12 months.
The agency mentioned in November that given mining economics, the machines used as collateral weren’t making sufficient cash to pay for loans, producing round $2 million in BTC monthly in gross revenue, versus the $7 million in debt obligations.
“The amenities had been deliberately structured for prudent danger administration to guard the underlying enterprise and information heart infrastructure the Group has constructed (i.e., and not using a guardian firm assure and with out recourse to another Group entities),” the agency mentioned.