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Shares of Bitcoin miner Iris Energy surge after hashrate expansion

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Bitcoin mining firm Iris Energy has announced its plans to increase its hash rate capacity by 63% to 9.1 EH/s by early 2024.

Shares of Bitcoin miner Iris Energy surges as it announces hashrate expansion

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  • The company’s shares rose by a whopping 18% within a day on Nasdaq, from $3.55 to $4.20.
  • Iris Energy has three datacenters located in BC, Canada and one in Texas, U.S. which is the focus of the latest effort.

The shares of the Bitcoin mining firm Iris Energy (IREN) rose by a whopping 18% within a day as the firm announced its plans to increase its hash rate capacity by 63% to 9.1 EH/s by early 2024.

Iris Energy is currently developing 80MW of data center space to finish off phase 1 of its 600MW plant in Childress, Texas.

The company said in a press release,

“Near-term focus remains on data center construction, whilst retaining flexibility on timing for miner purchases, which is subject to funding and market conditions.”

Iris’s current hash rate capacity stands at 5.6 EH/s, which is in line with forecasts from February 2023 when the firm anticipated substantially tripling its capacity from a meagre 2.0 EH/s.

In November 2022, the company was forced to reduce its capacity by 3.6 EH/s after being compelled to turn off multiple mining units used as collateral for loans worth $103 million.

According to Iris, the lender behind those debts is still looking for solutions.  The lender has attempted to ensure that any additional Bitcoin mining revenue earned by Iris is utilized as collateral to secure its lending capabilities. However, Iris believes that these assertions do not merit any attention.

Iris Energy is also considering expanding into energy-intensive computer applications such as artificial intelligence.

Mining expands as Crypto Industry recovers from FTX Debacle

Iris Energy has three datacenters located in British Columbia, Canada and one in Texas, U.S. The firm is expanding its facility in the Texas mining center.

Other crypto mining businesses, such as Blockstream and CleanSpark, have also announced significant expansions in mining power this year, as Bitcoin’s price is trying to recover from its post-FTX lows.

The company’s shares jumped 18% on the day from $3.55 to $4.20 on Nasdaq following the announcement. At press time, its share was trading at $4.13.

Source: MarketWatch

Source: MarketWatch

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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