Iris Energy Limited (NASDAQ:IREN) said it is increasing its self-mining capacity from 2.0 EH/s to 5.5 EH/s, with newly acquired miners set to be installed at its data centers over the coming months.
In its monthly investor update for February, the company highlighted that it had successfully utilized remaining prepayments of US$67 million under its 10 EH/s contract with Bitmain, including a concurrent sale of 2.3 EH/s of the remaining 6.7 EH/s contracted miners to a third party, to acquire 4.4 EH/s of new S19j Pro miners without any additional cash outlay.
Following the transaction, the group’s obligations under its existing 10 EH/s contract with Bitmain have been fully resolved, with no remaining commitments, Iris noted.
READ: Iris Energy expands capacity in 2Q despite 'challenging year' for digital assets
Further, the company completed the sale of certain surplus miners above 5.5 EH/s of self-mining capacity, resulting in net cash proceeds of approximately $8 million.
For the month of February, the company reported an average operating hashrate (PH/s) of 1,730, up 10% from January.
Its monthly operating revenue came in at US$3.5 million, up 2% from the previous month, and the company said it mined 156 Bitcoin.
You can find the full monthly investor update here.
Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.
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