Iris Energy Confirms Purchase of 8,380 T21 Miners from Bitmain
Iris Energy Limited, an Australian computer application company, has officially announced its acquisition of 8,380 T21 miners from Bitmain Technologies Delaware Limited. The total cost of the purchase is $22.3 million, which will be paid in incremental installments.
Gradual Expansion of Mining Capacity
Iris Energy aims to expand its self-mining capacity to 10 EH/s, and currently operates at 5.6 EH/s. To achieve this goal, the company has upcoming shipments planned. In Q1 2024, they will receive 1.4 EH/s of Bitmain S21 miners and 1.3 EH/s of Bitmain T21 miners. Additionally, in Q2 2024, a shipment of 1.6 EH/s of Bitmain T21 miners is expected.
Upon the operation of these newly acquired miners, Iris Energy predicts an improvement in overall fleet efficiency from 29.5 J/TH to 24.8 J/TH.
Decrease in Mining Difficulty
Despite the increasing difficulty of Bitcoin mining since September, there was a 0.96% decrease in mining difficulty on December 10th. This aligns with an average hashrate of 462.60 EH/s for Bitcoin (BTC). The adjustment coincided with a decline in Bitcoin’s price to $40,500 on December 11th.
This change also affects the projected halving date for Bitcoin, which is now anticipated to occur in April 2024.
Hot Take: Iris Energy Expands Mining Capacity with Bitmain Miners
Iris Energy’s recent procurement of over 8,000 T21 miners from Bitmain Technologies marks a significant step towards expanding their self-mining capacity. With plans to reach 10 EH/s, the company is strategically increasing its fleet efficiency and preparing for future mining challenges. This move comes amidst a decrease in Bitcoin mining difficulty and a price downturn, showcasing Iris Energy’s commitment to long-term success in the cryptocurrency industry.
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