Iris Energy Expands Bitcoin Mining Capacity with Latest Acquisition
Nasdaq-listed bitcoin mining company, Iris Energy, has announced its purchase of 1.4 exahash per second (EH/s) of Bitmain’s S21 Antminers. This acquisition will increase the company’s self-mining capacity by 25%, from 5.6 EH/s to 7 EH/s.
Bitmain’s Next-Gen Mining Rigs Garner Attention
Bitmain recently introduced its S21 series Antminers, known for their efficiency rating of less than 20 joules per terahash (J/T). Following this release, Iris Energy confirmed its purchase of 1.4 EH/s of these miners.
Pricing Details and Location
The acquisition cost Iris Energy $19.6 million, with a price tag of $14 per terahash. An additional $2.9 million will be deferred and paid one year after shipment. The S21 units will be stationed at the company’s Childress, Texas location.
Increased Self-Mining Capacity
This new addition to Iris Energy’s mining arsenal will boost their self-mining capacity from 5.6 EH/s to 7 EH/s, representing a 25% increase in capacity.
Efficiency and Model Speculation
Although the exact model of the S21 Antminers purchased was not specified, Iris Energy mentioned the machines’ efficiency at 17.5 J/TH, suggesting they opted for the air-cooled variant. With each machine capable of 200 terahash per second and a total purchase volume of 1.4 EH/s, it is estimated that Iris acquired around 7,000 units.
Competition and New Mining Machines
Iris Energy’s decision to acquire Bitmain’s advanced miners comes as rivals such as Canaan and Microbt unveil their next-generation machines. Other mining firms are also gravitating towards newer models that offer peak hashrate and efficiency.
Renewable Energy Usage and Future Plans
Iris Energy states that its mining operations use 100% renewable energy, and the company plans to increase its capacity to 30 EH/s over time. Despite a recent decline in IREN shares by 27% following a broader downturn in the cryptocurrency market, Iris shares have risen by 150% this year.
Hot Take: Iris Energy Expands Bitcoin Mining Capacity with Latest Acquisition
Iris Energy’s acquisition of 1.4 exahash per second (EH/s) of Bitmain’s S21 Antminers solidifies its position in the bitcoin mining industry. With an increase in self-mining capacity by 25%, Iris Energy is prepared for future growth and expansion. The company’s commitment to using renewable energy showcases its dedication to sustainable practices in the crypto mining sector. As competition intensifies with the introduction of new mining machines by rivals, Iris Energy’s strategic move highlights its focus on staying at the forefront of technological advancements. With plans to further increase mining capacity, Iris Energy is poised for success in the evolving cryptocurrency landscape.
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