🔥🔥🔥 #IRIS Energy Ramps Up Capacity in 2024 with $22 Million Bitmain Rig Investment
Renewable Bitcoin mining company Iris Energy is making a significant move to expand its operations in 2024. The company announced a $22 million investment in new-generation Bitmain T21 miners, aiming to increase its self-mining capacity by a staggering 63%.
Key takeaways:
- Iris Energy purchased 8,380 T21 miners from Bitmain at a cost of $14/TH, bringing the total investment to $22.3 million.
- These energy-efficient miners are expected to boost Iris Energy's hashing power by 1.6 EH/s, reaching a total of 10 EH/s.
- The company also announced progress on its data center expansion in Childress, Texas, with early works and procurement underway for an additional 100MW of capacity.
- This expansion is expected to significantly increase Iris Energy's operational efficiency and further solidify its position as a major player in the renewable Bitcoin mining industry.
Driving factors behind the investment:
- Rising Bitcoin price: The recent surge in Bitcoin price has made mining more profitable, encouraging companies like Iris Energy to invest in expanding their operations.
- Focus on renewable energy: Iris Energy is committed to using renewable energy sources for its mining operations, aligning with the growing demand for sustainable Bitcoin mining practices.
- Technological advancements: The new generation of Bitmain T21 miners offer improved efficiency and performance, making them a cost-effective choice for expanding mining capacity.
Impact of the expansion:
- Increased Bitcoin supply: The additional hashing power from Iris Energy will contribute to the overall Bitcoin supply, potentially impacting the market price.
- Job creation: The expansion is expected to create new jobs in the Childress area, boosting the local economy.
- Growth of renewable energy: Iris Energy's focus on renewable energy could encourage other mining companies to adopt similar practices, promoting the use of clean energy sources.
