Mining
Iris Power posted a internet lack of $144 million, primarily resulting from a $105.2 million non-cash impairment cost associated to its tools financing, and mentioned it mined fewer bitcoin within the quarter ending in December.
The corporate posted income of $13.8 million, topping the $13.3 million common estimate of analysts compiled by FactSet.
Shares of Iris Power had been decrease in post-market buying and selling after closing up by 67% in the course of the common session.
“2022 was a difficult yr for the digital belongings business in addition to broader fairness markets,” mentioned Daniel Roberts, co-founder and co-CEO of Iris Power. “Trying ahead, we consider we’re effectively positioned to capitalize as markets proceed to enhance.”
The corporate just lately introduced plans to scale its hashrate again up after unpluggingabout 3.6 EH/s value of machines in November in response to a default discover from a lender on greater than $100 million in loans.
After shopping for 4.4 EH/s in machines utilizing Bitmain prepayments, it now plans to develop its hashrate to five.5 EH/s as they’re put in “over the approaching months.”
Iris is debt free after extinguishing its loans on the finish of final yr. The corporate can also be contemplating promoting any surplus miners over 5.5 EH/s of self-mining capability “to re-invest in progress initiatives and/or company functions.”
