Iris Energy ramps up mining capacity with $18.6 million acquisition

Iris Energy Limited has made a significant investment in its future, purchasing new T21 miners from Bitmain Technologies Delaware Limited for a total of $18.6 million. This strategic acquisition is set to enhance the company’s self-mining capacity to an impressive 8.3 EH/s. The deal includes a delayed payment plan that allows Iris Energy to defer a portion of the cost until May 30, 2024, while the miners are expected to be delivered in the first quarter of the next year.

The company is not only investing in hardware but also in infrastructure. It is currently expanding its Childress site’s capabilities with an 80MW extension to an existing data center, which is scheduled to be operational from January to the second quarter of 2024. Additionally, Iris Energy is in the early stages of procuring another data center project to leverage part of the site’s substantial 600MW power capacity. These expansions are in line with the company’s goal to eventually increase its total mining capacity to 10 EH/s.

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