Bitcoin miner, Iris Vitality, introduced plans to extend the corporate’s self-mining capability, from 2 exahash per second (EH/s) to roughly 5.5 EH/s, after it receives 4.4 EH/s of latest Antminer S19j Professional miners from Bitmain.
Iris Vitality Leverages $67 Million in Bitmain Prepayments for Newest Mining Growth
Bitcoin mining firm, Iris Vitality, introduced plans to extend its self-mining capability to five.5 exahash per second (EH/s) from 2 EH/s. The corporate just lately unplugged 3.6 EH/s of mining rigs in November 2022 after receiving a default discover from a lender. To acquire 4.4 EH/s price of machines, the corporate is using roughly $67 million in Bitmain credit.
The newly acquired S19j Professional mining rigs can be distributed amongst Iris Vitality’s knowledge facilities in British Columbia and Texas. If the corporate finds it has an extra of machines, it’ll promote them to spend money on company functions and progress initiatives. Daniel Roberts, co-founder and co-CEO of Iris Vitality, described the newest transfer as a vital juncture for the bitcoin mining agency.
“This can be a vital milestone for Iris Vitality. We’re delighted to have been capable of make the most of our remaining Bitmain prepayments to accumulate new miners with none extra money outlay,” Roberts mentioned in an announcement. “In doing so, [it] not solely enhance[s] our self-mining capability to five.5 EH/s, all powered by 100% renewable vitality knowledge heart infrastructure, but in addition totally resolve[s] our obligations underneath our contract with Bitmain,” Roberts added.
In 2022, bitcoin mining operations confronted challenges resulting from a big depreciation of BTC costs. Some operations went bankrupt in the course of the crypto winter. Nonetheless, 2023 has seen an enchancment in crypto costs, though U.S. regulators have elevated enforcement, which has quickly paused the latest rise. As of Monday, February 13, 2023, BTC’s worth is secure and hovering round its worth previous to the FTX collapse.
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