Bitcoin Mining Company Iris Energy to Expand with New Miner Acquisition
Australian Bitcoin mining company Iris Energy Limited has announced plans to acquire 8,380 new-generation T21 miners from Bitmain Technologies Delaware Limited. This acquisition, worth $22.3 million, is expected to increase Iris Energy’s self-mining capacity and improve its overall fleet efficiency.
The T21 miners, along with the existing S21 miners, will help Iris Energy enhance its fleet efficiency from 29.5 J/TH to 24.8 J/TH, resulting in more efficient Bitcoin mining operations.
Iris Energy anticipates the delivery of the T21 miners in the second quarter of 2024. These mining machines will support the company’s goal of expanding its self-mining capacity from 5.6 EH/s to 10 EH/s.
Data Center Expansion to Accommodate Growth
Iris Energy’s data center expansion at Childress, consisting of an 80MW facility, is progressing as planned. The expansion is set to be delivered in stages from January 2024 until Q2 2024.
This expansion will support the increased operating hash rate, allowing Iris Energy to effectively handle the additional mining capacity provided by the new T21 miners.
Payment Structure and Future Prospects
The purchase price for the T21 miners is $14/TH (terahash) and will be paid in progressive installments. This payment structure allows Iris Energy to manage its financial commitments while acquiring the necessary equipment for its mining operations.
With the implementation of the new T21 miners and the expansion of its data center, Iris Energy is positioning itself for future growth and increased mining capacity. These developments contribute to the ongoing advancements in the Bitcoin mining industry.
Hot Take: Iris Energy Expands Mining Capacity with Acquisition of New-Generation Miners
Australian Bitcoin mining company Iris Energy is set to bolster its mining capabilities with the acquisition of 8,380 new-generation T21 miners from Bitmain Technologies Delaware. This $22.3 million investment will not only increase Iris Energy’s self-mining capacity but also improve the efficiency of its overall mining fleet. The delivery of the T21 miners in the second quarter of 2024 aligns with Iris Energy’s plans to expand its operating hash rate from 5.6 EH/s to 10 EH/s. By strategically expanding its data center and adopting more advanced mining equipment, Iris Energy is positioning itself for optimal performance and long-term success in the competitive Bitcoin mining industry.
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