Iris Energy to Reduce Mining Equipment After Failing $108M Loan Debt
Table of contents
Iris Energy Decreased Mining Power Amount
The business said the divisions generate inadequate cash flow to meet their specific debt financing commitments. The organization makes a monthly gross profit of about $2 million in bitcoin but cannot pay its $7 million in debt payments.
Iris has now decreased the amount of mining power it can produce by about 3.6 EH/s. According to the statement, capacity is still at roughly 2.4 EH/s, with 1.1 EH/s of gear being used and 1.4 EH/s of rigs being transported or waiting to be deployed.
No Impact on Data Capacity and Growth Roadmap
The business said that the current revelations had no impact on its data center capacity and growth roadmap and will keep looking for ways to employ its capacity. In addition, Iris is considering using $75 million in future payments previously paid to Bitmain in respect of a further 7.5 EH/s of leased miners for future self-mining.