Iris Energy Expands Mining Capacity with Bitmain Deal
The Australia-based and Nasdaq-listed company, Iris Energy, has recently acquired 1.3 exahash per second (EH/s) capacity in Bitmain’s latest Antminer T21 models. This purchase has raised Iris Energy’s mining capacity to 8.3 EH/s.
Major Procurement of Next-Generation Bitcoin Miners
Iris Energy has obtained 7,000 T21 bitcoin miners from Bitmain Technologies at a cost of $18.6 million. The deal translates to a cost of $14 per terahash and includes structured payments. Bitmain has agreed to postpone 20% of the payment until 2024.
Enhanced Efficiency with T21 Units
The T21 series, introduced by Bitmain in October, boasts enhanced efficiency with up to 190 terahash per second (TH/s) capacity and a 19 joules per terahash (J/T) efficiency rating. The use of T21 units will improve Iris Energy’s mining fleet’s performance.
Expansion Plans and Future Growth
Iris Energy is currently expanding its Childress facility by 80 megawatts (MW) to reach a capacity of 10 EH/s by Q2 2024. The company has already begun the early works and procurement for an additional 100MW of data centers at the site, with a total power availability of 600MW.
Industry Trend: Major Firms Investing in Mining Rigs
The recent acquisition by Iris Energy follows a trend of major companies securing mining rigs from Bitmain and Microbt. Other companies such as Hive Digital and Cleanspark have also made significant purchases in the crypto mining equipment market.
Positive Market Response and Growth
Following the announcement, Iris Energy’s stock experienced a 6% rise and has seen a 43% increase over the past 30 days. Year-to-date, IREN shares have witnessed an impressive 293% surge in value.
Hot Take: Iris Energy Expands Mining Capacity to Ride Crypto Wave
Iris Energy’s strategic acquisition of Bitmain’s latest T21 models solidifies its position in the crypto mining industry. The company’s expansion plans and procurement of next-generation miners demonstrate its commitment to ride the cryptocurrency wave. With enhanced efficiency and increased capacity, Iris Energy is well-positioned to capitalize on the growing demand for bitcoin mining. As the market continues to evolve, Iris Energy’s stock performance reflects the confidence and optimism surrounding the company’s future growth opportunities.
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