Australian mining company Iris Energy will increase its Bitcoin mining capacity from 5.6 EH/s to 7 EH/s – an increase of 25% – after purchasing new miners from Bitmain.
The company has entered into an agreement with a Chinese manufacturer to purchase 7,000 latest-generation Antminer S21 devices for $19.6 million. Delivery is expected in early 2024.
Of the total transaction amount, Iris Energy will make an advance payment of $16.7 million before shipment, and will pay the remaining $2.9 million with a deferment of up to a year.
Miners will cost the company $14 per TH/s. According to the Hashrate Index, market quotes for devices with energy consumption levels of less than 25 J/TH at the time of writing are $15.95 per TH/s.
According to the statement, Antminer S21 provides energy efficiency of 17.5 J/TH, which is the best in the industry.
The company plans to deploy the miners at its own facility in Childress, Texas. The data center continues to be modernized with the goal of increasing its capacity from the current 20 MW to 80 MW.
Iris Energy’s short-term plans are to increase the hashrate of this one facility to 9.7 EH/s. In the future, the indicator should reach 30 EH/s.
The Antminer S21 batch will increase the Iris Energy hashrate by 1.4 EH/s. The company also intends to receive Antminer S19 XP devices from Bitmain.
Iris Energy will finance the purchase of equipment from the manufacturer from cash reserves (about $64 million), operating income and, if necessary, is ready to resort to open credit lines.
Recall that in August the company invested $10 million in the latest generation Nvidia GPUs to create generative AI and mining.
Found an error in the text? Select it and press CTRL+ENTER
ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!