The Bitcoin mining company is working with Bitmain to upgrade hashrate to 25% with 7,000 S21 machines. The hashrate expansion in Texas is in preparation for the Bitcoin halving in April 2024. Iris Energy is unique because they use 100% renewable energy sources for their Bitcoin mining operations. The company, based in Australia, plans to increase this impressive hashrate based on its partnership with Bitmain, one of the leading names in the training hardware industry.

Iris Energy will own 7,000 S21 miners from Bitmain in this partnership. The total investment is $19.6 million, with $16.7 million (85% of the total) initial payment before the machinery is delivered. The remaining $2.9 million will be paid within a year of the machines being delivered, expected in early 2024. This development is important as Iris Energy wants to increase the resilience of its front-end excavator fleet Bitcoin halving in April 2024.

Iris Energy is currently in a good position to face the halving, as the block reward drops from 6.25 BTC to 3.125 BTC. By investing in the new generation Bitmain S21 miners, Iris Energy aims to increase the resilience of their mining fleet beyond the event. What's special is that Iris Energy is committed to using renewable energy sources, opposing the view that cryptocurrency mining is harmful to the environment.