Australia-based crypto miner doubles hash rate after energizing Canadian rigs Australia
Categories: Crypto News US
Australia-based crypto miner doubles hash rate after energizingCanadian rigs Australia
Australianbitcoin miner Iris Energy said it has increased its hash rate to more than 2.3per second after the completion of its Phase II operation in Mackenzie, Canada. In Monday's announcement, IrisEnergy said it had brought 41 MW of operational capacity online in a BritishColumbia municipality nearly two months ahead of schedule, adding 1.5 EH/s toits current hash rate.
In addition,the Bitcoin (BTC) miner expects to bring another 50 MW online in Prince Georgeby the end of the third quarter of 2022, increasing its operating capacity to3.7 EH/s. Iris Energy co-founder and co-CEO Daniel Roberts said the firmhad energized the facility on schedule despite the current market backdrop andongoing international supply chain challenges.
The firmplans to deploy additional miners in August to increase its total hash rate to6 EH/s. The mining firm secured $19.5 million in equity funding and $3.9million in debt during a pre-IPO funding round in December 2020, and sharesbegan trading on Nasdaq in November 2021. At the time of publication, theshares were priced at $5.30, which is up about 12% in the past 24 hours.
Iris said itinvested in data centers powered by renewable energy amid controversy over theenvironmental impact of crypto miners. While many proponents have pointed toexamples including crypto miners using electricity produced by natural gas thatwould otherwise be burned, some policymakers in the United States havecalled mining "problematic" for energy use and emissions.