Bitcoin

Hive

Northern

Australia-based Iris Energy, listed on Nasdaq, has significantly enhanced its Bitcoin mining capabilities. They recently acquired 7,000 next-generation <a href="https://ultramining.com/en/hardware/antminer-t21-190-ths/" rel="noopener noreferrer nofollow">Antminer T21</a> models from <a href="https://ultramining.com/en/manufacturers/bitmain/" rel="noopener noreferrer nofollow">Bitmain</a>, adding 1.3 exahash per second (EH/s) to their existing capacity. This deal propels Iris Energy’s total mining power to an impressive 8.3 EH/s, according to <a href="https://theminermag.com/news/2023-12-01/bitmain-antpool-foundry-bitcoin-blocks/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
The transaction, worth approximately $18.6 million, showcases Bitmain's latest mining technology. The T21 series offers an efficient 190 terahash per second (TH/s) capacity and a notable 19 joules per terahash (J/T) efficiency rating. This acquisition is set to reduce Iris Energy’s fleet efficiency to 25.8 J/TH, down from 29.5 J/TH, marking a significant step towards more eco-friendly crypto mining operations.
This move is part of Iris Energy's larger expansion plan. They aim to achieve a 10 EH/s capacity by 2024's second quarter, focusing on their 80-megawatt (MW) Childress facility. The company has already initiated early works and procurement for an additional 100MW at this site, which holds a potential for 600MW total power.
Iris Energy’s investment aligns with a growing trend among major firms acquiring thousands of crypto mining rigs. Earlier, Hive Digital and <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">Cleanspark</a> secured deals with Bitmain for their latest models, and Northern Data’s subsidiary, Peak Mining, opted for Bitmain's competitor, <a href="https://ultramining.com/en/manufacturers/microbt/" rel="noopener noreferrer nofollow">MicroBT</a>.
Following this announcement, Iris Energy's stock saw a 6% increase, contributing to a 43% rise over the past 30 days. This year, their shares have surged by over 293%, reflecting the market's positive response to their strategic moves in the crypto mining sector.

Iris Energy Boosts Mining Power with Bitmain Deal

Ultramining_Eng

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