Australian Bitper oin Mining Firm Not Worried About Reper ent Crypto Market Correper tion
Categories: Bitcoin US
A major Australian Bitcoin mining firm does not appear concerned about profitability of its operation despite the current bear market.According to a report by The Sydney Morning Herald on May 12, Daniel Roberts, co-founder and CEO of Australian-founded sustainable Bitcoin mining company Iris Energy remains unmoved by the rapid changing $BTC price. Roberts, based out of Sydney, told the outlet that Bitcoin would have to fall “significantly” before it became unprofitable for his Nasdaq-listed company to mine. While Roberts said he would prefer to see the price of Bitcoin higher, he was unbothered by the sudden price fall below $30,000 (AU$43,000). Iris recently reported adjusted earnings of AU$9.8 million for the third quarter of the financial year, a 358% increase on the prior year, despite operating at a net loss of AU$3.6 million from foreign exchange losses. According to the report, Iris, which uses renewable energy to power its Bitcoin mining operation, can turn a profit even if $BTC drops as low as $8,880 (AU$12,700). Roberts noted that Bitcoin falling below $9,000 would be unprofitable for many large mining companies, in addition to Iris.Roberts also commented on stablecoin TerraUSD’s price collapse, which fell last week to an all-time low of $0.04 despite supposedly being pegged to $1. Roberts said the stablecoin’s demise would likely have no long-term impact on Bitcoin, pointing out that ultimately “nothing’s changed” for $BTC.