Bitcoin miner, Iris Vitality, introduced plans to extend the corporate’s self-mining capability, from 2 exahash per second (EH/s) to roughly 5.5 EH/s, after it receives 4.4 EH/s of latest Antminer S19j Professional miners from Bitmain.
Iris Vitality Leverages $67 Million in Bitmain Prepayments for Newest Mining Growth
Bitcoin mining firm, Iris Vitality, announced plans to extend its self-mining capability to five.5 exahash per second (EH/s) from 2 EH/s. The corporate not too long ago unplugged 3.6 EH/s of mining rigs in November 2022 after receiving a default notice from a lender. To acquire 4.4 EH/s value of machines, the corporate is using roughly $67 million in Bitmain credit.
The newly acquired S19j Professional mining rigs will likely be distributed amongst Iris Vitality’s information facilities in British Columbia and Texas. If the corporate finds it has an extra of machines, it’s going to promote them to spend money on company functions and development initiatives. Daniel Roberts, co-founder and co-CEO of Iris Vitality, described the newest transfer as a necessary juncture for the bitcoin mining agency.
“It is a important milestone for Iris Vitality. We’re delighted to have been in a position to make the most of our remaining Bitmain prepayments to amass new miners with none extra money outlay,” Roberts mentioned in an announcement. “In doing so, [it] not solely improve[s] our self-mining capability to five.5 EH/s, all powered by 100% renewable vitality information heart infrastructure, but additionally absolutely resolve[s] our obligations underneath our contract with Bitmain,” Roberts added.
In 2022, bitcoin mining operations confronted challenges resulting from a big depreciation of BTC costs. Some operations went bankrupt through the crypto winter. Nevertheless, 2023 has seen an enchancment in crypto costs, though U.S. regulators have increased enforcement, which has briefly paused the latest rise. As of Monday, February 13, 2023, BTC’s worth is steady and hovering round its worth previous to the FTX collapse.
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