Iris Energy Amplifies Its Bitcoin Mining Operations
Iris Energy, a notable player in the Bitcoin mining industry, has made significant strides in expanding its operational capacity. The publicly-listed company recently announced that it has successfully increased its operating capacity to 6 exahash per second (EH/s). This enhancement comes from deploying new mining hardware and a series of strategic acquisitions. Over the past six months, Iris Energy has reported multiple purchases of application-specific integrated circuit (ASIC) mining rigs, including significant acquisitions in October and November 2023, as well as in December, when it procured an additional 8,380 T21 Antminers from Bitmain.
Projected Growth and Future Milestones
Looking ahead, Iris Energy is not slowing down in its expansion efforts. The company projects an additional increase of 4 EH/s by the first half of 2024, bringing their total capacity closer to their ambitious target. Furthermore, Iris Energy is setting its sights on an even more impressive goal – reaching a 20 EH/s milestone by the latter half of 2024. This target is supported by a major acquisition deal, including a purchase and fixed price option agreement for an extra 10 EH/s of Bitmain T21 miners.
Market Performance and Industry Trends
Despite these significant advancements in operational capacity, Iris Energy’s shares (IREN) have experienced a notable decline of 47.2% against the U.S. dollar since the beginning of the year. This trend is not isolated to Iris Energy alone; a recent analysis from theminermag.com indicates that publicly-listed mining companies have collectively seen a reduction in value, totaling $6 billion, since the start of the year. This market behavior reflects broader industry trends and challenges bitcoin mining companies face.