Iris Energy Increases Self-Digging Capacity to 5.5 EH/s, Successfully Completes Contract Obligations with Bitland

02/13/2023 12:12 • Blockchain Buzz • 122 views

On February 13, Iris Energy announced that it would increase its self-digging capacity from 2.0 EH/s to 5.5 EH/s. Iris Energy has successfully used the remaining US $67 million advance payment in the 10 EH/s contract it signed with Bitland, including the simultaneous sale of 2.3 EH/s of the remaining 6.7 EH/s contract miners to a third party to acquire 4.4 EH/s of the new S19j Pro miners without any additional cash expenditure. After the completion of the transaction, the Group’s obligations under its existing 10 EH/s contract with Bitland have been fully resolved and there are no remaining commitments. （Globe News Wire）

Iris Energy increased its self-digging capacity from 2.0 EH s to 5.5 EH s

Interpret the above information:

Iris Energy, a leading renewable energy company focused on crypto mining, has announced that it will increase its self-digging capacity from 2.0 EH/s to 5.5 EH/s. This move comes after the company successfully used the remaining US $67 million advance payment in the 10 EH/s contract it signed with Bitland, a crypto mining infrastructure provider.

The company has reportedly sold 2.3 EH/s of the remaining 6.7 EH/s contract miners to a third party and used the proceeds to acquire 4.4 EH/s of the new S19j Pro miners without any additional cash expenditure. This means that Iris Energy has fulfilled all its obligations under the existing 10 EH/s contract with Bitland, and there are no remaining commitments.

The decision to increase its self-digging capacity is a strategic move by Iris Energy to solidify its position as a key player in the crypto mining industry. It also indicates that the company is confident in its ability to scale up operations and maintain profitability in the face of increasing competition and regulatory challenges.

The S19j Pro miners that Iris Energy has acquired are some of the most powerful and efficient miners available in the market. They are designed to mine cryptocurrencies such as Bitcoin with a high hash rate and low power consumption, which makes them ideal for large-scale mining operations.

Iris Energy has been at the forefront of sustainable crypto mining, using clean energy sources such as wind, solar, and hydroelectric power to power its mining operations. The company has also been actively involved in promoting the use of renewable energy in the broader crypto industry through partnerships and initiatives.

Overall, the announcement by Iris Energy is a positive development for the crypto mining industry, as it demonstrates the potential for profitable and sustainable mining operations. It also highlights the importance of strategic partnerships and investments in new technology to stay ahead of the competition.

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