Bitcoin

<p>In a notable achievement, Iris Energy has reduced its electricity cost per Bitcoin mined to just $29,958 in August 2024, down from $61,677 in the previous month. This dramatic drop was achieved through strategic energy cost management, including the closure of energy hedge contracts. Despite incurring a $7.2 million one-time financial loss, Iris Energy’s long-term operational efficiency has greatly improved.</p>
<p>The company also reported a 10% increase in production, mining 245 BTC in August. With rising network difficulty and falling revenues for many miners, Iris Energy’s ability to lower operational costs while increasing production positions it favorably within the competitive mining landscape.</p>

Iris Energy Cuts Electricity Cost to $29,958 per Bitcoin Mined

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