Iris Energy Turns On 41 Megawatts of Bitcoin Mining Machines Ahead of Schedule

The firm will be adding another 50MW by the end of next month, bringing its total hashrate to 3.7 EH/s.Read MoreCoinDesk

Iris Energy (IREN) energized 41 megawatts (MW) of bitcoin mining machines in British Columbia, Canada more than a month ahead of schedule.

The addition doubled the company’s operating hashrate, or computing power on the bitcoin network, to 2.3 exahash/second (EH/s), it said in a Monday press release. Another 1.4 EH/s, requiring 50MW of energy capacity, also in British Columbia, is scheduled to be up and running by the end of September, it said.

Rack space has been a major constraint for bitcoin miners, many of whom have received mining rigs but have nowhere to plug them in due to construction delays.

Iris Energy “continues to work through deployment options for its remaining 2.3 EH/s of miners,” including 1.7 EH/s of Bitmain Antminer S19j Pros it bought from Bitmain earlier this month.

Shares of Iris Energy rose more than 10% on Nasdaq.

UPDATE (Aug. 8, 15:30 UTC): Adds hashrate doubled in first bullet point.


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