Iris Energy is among the Bitcoin mining companies that are eager to expand their mining power to increase their mining profits.
To achieve this, the Bitcoin mining company based in Australia has vowed to purchase mining rigs. The company is aiming to purchase an entire army of mining rigs to increase its mining power.
With more mining power, the company will be able to mine more Bitcoin (BTC), which would help it increase its profitability.
Given the current market price of the largest cryptocurrency, it is a very strategic decision made by the company.
As per the sources, the company is going to purchase thousands and thousands of rigs for the purpose of mining Bitcoin.
Iris Energy’s Announcement
Iris Energy confirmed on February 13 that it had decided to increase its mining hashrate. To make it happen, it was necessary to increase their mining power tremendously and this could be done with the purchase of more mining rigs.
The company officials surprised the entire Bitcoin mining community when it revealed that it had already acquired mining rigs to accomplish its goal.
The platform confirmed it has already increased its mining capacity with the acquisition of thousands of ASIC miners.
The mining company has increased its self-mining capacity by 4.4 EH/s, bringing the total mining power up to 5.5 EH/s.
Prior to the increase, the mining hashrate for the company was at 2.0 EH/s. The teams revealed that they have gone with some of the most advanced mining rigs to achieve what they have achieved.
They have bought thousands of S19j Pro ASIC miners that are manufactured by Bitmain. The company is known for being the largest manufacturer of Antminers used for mining purposes.
The company had to purchase a tremendous number of mining rigs in order to bring in an additional 4.4 EH/s hashrate. A total of 44,000 miners have been added to the company’s overall empire.
Daniel Robert’s Praises on the New Achievement
The co-CEO and co-founder of the company praised the latest achievement of their company. He remarked how the company has been able to take on every challenge that the economy had to throw its way.
It even managed to overcome many challenges and by constantly improving and working hard, they have reached a new milestone.
Their company is now among the largest mining entities of Bitcoin recognized throughout the world. They have no plans of settling with a hashrate that they have now.
They will continue adding more mining power to increase their hashrate and ensure things work out well when the conditions become more favorable.
Roberts also talked about the downfall their company had to face in the year 2022. Just like everyone else, their company was also facing the worst time.
Their operations were badly impacted but they were among the fortunate mining firms that were able to make it through.
Information about New Miners
Iris is yet to confirm which location or facility they will be installing the new miners. At the moment, the company has three different facilities that are responsible for generating 2.2 EH/s hashrate.
At the moment, Irish Energy is managing three facilities that are based in Texas, the US, and British Columbia, Canada. Out of the three, two facilities are based in British Columbia.
As previously communicated by Iris Energy, they have plans to increase their mining power tremendously. The company has announced that they have signed an agreement with Bitmain to increase their hashrate to 10 EH/s.
This means that the company is going to bring in more than 50,000 mining rigs in addition to the already ordered mining rigs.
Iris has also revealed its debt condition with Bitmain, confirming they owe nothing to the mining equipment manufacturer. In the latest communication, the company has confirmed that it has no debt and is completely debt free.