Australian bitcoin miner Iris Power expanded its working capability by about 30% in December final yr, in accordance with a report launched by the corporate.
The agency additionally said that its actions weren’t impacted by a latest discover by the British Columbia authorities to halt energy distribution to crypto mining websites.
Iris mined 123 bitcoin in December 2022
Iris Power introduced its elevated working capability for December 2022 as a part of its January investor replace. The announcement said that the bitcoin miner uped its working capability to 1.5 exahashes/second, a rise of 30% from its November 2022 figures.
This improve in capability is as a result of firm shifting mining {hardware} from its Texas web site to its location in British Columbia, Canada. Iris Power added that its transfer to British Columbia was not impacted by developments within the area prohibiting electrical energy provide to new crypto miners.
The bitcoin miner additionally mentioned it mined 123 BTC through the month, 19% decrease than its earlier haul. December’s bitcoin mining determine is $2.2 million on the present bitcoin worth.
Iris Power additionally operated a $2.1 million working income for December. Once more, this determine was decrease than what it reported for November which was about $2.87 million. Iris Power chalked these reductions to disruptions brought on by terminating its internet hosting arangements amid debt reimbursement processes.
Tough 2022 for bitcoin miners
Iris Power was amongst quite a lot of bitcoin miners that confronted issue in 2022 on account of the crypto bear market. A number of bitcoin miners confronted issue paying again loans taken over the previous couple of years as the value of BTC and different crypto decline considerably all year long.
Iris Power defaulted on a $108 million mortgage reimbursement in November, as beforehand reported by crypto.information. The agency needed to unplug a few of its {hardware} to collateralize the mortgage quantity.
The bitcoin miner up to date its monetary standing as a part of the latest report. Iris Power mentioned it ended the yr with $39 million in money and no debt. The corporate said that these are unaudited monetary statements whereas including that it repaid all excellent quantities to the tune of $1 million underneath a earlier financing settlement.