Iris Energy Limited (NASDAQ:IREN) announced that it is increasing its self-mining capacity by 25% from 5.6 exahashes per second (EH/s) to 7.0 EH/s through the acquisition of about 7,000, or 1.4 EH/s, of the latest-generation Bitmain S21 miners.
The sustainable Bitcoin mining company said the $19.6 million purchase price will consist of $16.7 million to be paid before shipment, with the remaining 15% of the purchase price being deferred until one year after shipment.
Iris Energy noted the purchase is expected to be funded from existing capital sources, including cash in the bank (about $64 million with no debt), operating cash flow and other recently disclosed funding programs (as applicable).
It added that shipping is scheduled for early 2024 and the S21 miners are expected to be installed at Iris Energy’s site in Childress, Texas.
As well, the company said it is now targeting near-term expansion in potential operating capacity of up to 9.4 EH/s, an increase from 9.1 EH/s previously, and continues to monitor the market for additional hardware acquisition opportunities to progress its single site expansion program to 30 EH/s.
Iris Energy is a sustainable Bitcoin mining company that supports the decarbonization of energy markets and the global Bitcoin network.
Contact Sean at sean@proactiveinvestors.com