Iris Energy Expands Mining Operations to 6 EH/s
Iris Energy, a publicly-listed bitcoin miner, has announced that it has increased its mining capacity to 6 exahash per second (EH/s). This expansion is a result of deploying new mining hardware, including application-specific integrated circuit (ASIC) mining rigs.
Acquisitions Drive Mining Growth
In the past six months, Iris Energy has made several significant acquisitions. In October 2023, the company purchased Bitmain S21 Antminers valued at $19.6 million. This was followed by the acquisition of 7,000 T21 Antminers in November.
In December, Iris Energy continued to expand its mining operations by acquiring an additional 8,380 T21 Antminers from Bitmain. The company expects to bring online an additional 4 EH/s by the first half of 2024, ultimately aiming to achieve a mining capacity of 20 EH/s by the latter half of 2024.
IREN Share Performance
Shares of Iris Energy (IREN) have experienced a decline of 47.2% against the U.S. dollar since the beginning of the year. This decline reflects a broader trend observed among publicly-listed mining companies, which have lost a combined value of $6 billion in 2024, according to a recent analysis by theminermag.com.
Hot Take: Iris Energy Expands Mining Operations Despite IREN Share Dip
Despite the declining performance of IREN shares, Iris Energy remains focused on expanding its mining operations. With the deployment of new mining hardware and further acquisitions planned, the company aims to significantly increase its mining capacity in the coming years. By setting ambitious targets for EH/s capacity, Iris Energy is positioning itself for future growth and success in the competitive crypto mining industry.
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