Renewable Bitcoin Mining Company Iris Energy Increases Mining Capacity
Iris Energy, a renewable Bitcoin mining company, has announced the acquisition of 1.6 EH/s of Bitmain T21 miners, expanding its self-mining capacity to 10 EH/s. The company plans to purchase 8,380 new-generation T21 miners from Bitmain Technologies Delaware Limited for $22.3 million.
Expansion Plans and Improved Efficiency
Iris Energy had previously ordered Bitmain S21 miners to generate 1.4 EH/s of mining output. The installation of these S21 and T21 miners is expected to improve the overall fleet efficiency from 29.5 J/TH to 24.8 J/TH upon completion.
The company’s data center expansion in Childress is progressing, with incremental delivery expected from January 2024 to Q2 2024. This expansion will support the growth of the operating hashrate from 5.6 EH/s to 10 EH/s.
Additional Data Centers and Capacity Boost
Iris Energy is also working on procuring an additional 100MW of data centers at Childress, which will further increase its potential operating capacity by approximately 63% to reach 9.1 EH/s.
The company’s immediate focus is on data center construction, with miner purchases dependent on funding and market conditions.
Irish Energy Data Services Expands into Generative AI Computing
In addition to Bitcoin mining, Iris Energy has expressed interest in high-performance computing (HPC) data centers. The company recently invested $10 million in advanced Nvidia H100 Graphics Processing Units (GPUs) for generative artificial intelligence (AI) computing opportunities.
Robust Capitalization and Strategic Shift
Iris Energy has strong capitalization, holding approximately $64 million in cash and generating positive operating cashflows. The company aims to diversify its focus beyond Bitcoin mining and into generative AI computing.
Operating Regions and Expansion Plans
Iris Energy operates in various regions across North America with abundant renewable energy sources. Its mining operations are located in Mackenzie, Canal Flats, Prince George in Canada’s British Columbia, and the Childress site in Texas.
Hot Take: Iris Energy Expands Mining Capacity and Diversifies into AI Computing
Iris Energy’s acquisition of Bitmain T21 miners and its data center expansion plans demonstrate its commitment to increasing mining capacity. The company’s move towards generative AI computing presents an additional opportunity for growth and diversification. With strong capitalization and a focus on renewable energy sources, Iris Energy is well-positioned for success in the evolving crypto industry.
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