Bitcoin Mining Company Boosts Hashrate by 25% in Preparation for Halving

Iris Energy partners with Bitmain to boost its Bitcoin mining hash rate by 25% with 7,000 S21 machines.
Iris Energy’s hash rate expansion in Texas is a strategic move for the upcoming Bitcoin halving in April 2024.
Iris Energy stands out by conducting 100% of its Bitcoin mining using renewable energy sources.

Iris Energy, a prominent Bitcoin mining company based in Australia, has revealed plans to ramp up its Bitcoin mining hashrate by an impressive 25%. This ambitious undertaking is made possible through a strategic partnership with Bitmain, one of the leading names in the mining hardware industry.

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Under the terms of this collaboration, Iris Energy is set to acquire a formidable fleet of 7,000 S21 mining machines from Bitmain. This substantial investment will total $19.6 million, with an initial payment of $16.7 million (85% of the total) to be made before the machines are shipped.

The remaining balance of $2.9 million is slated for payment within a year after the machines’ delivery, which is expected to occur in early 2024. The significance of this development lies in its timing, as Iris Energy’s decision to boost its mining capacity comes in preparation for the Bitcoin halving event slated for April 2024.

This strategic move positions Iris Energy to navigate the upcoming halving, during which block rewards will be halved from 6.25 BTC to 3.125 BTC. By investing in the latest generation of Bitmain S21 miners, Iris Energy aims to enhance the resilience of its mining fleet in anticipation of a post-halving environment.

What sets Iris Energy apart from many other mining operations is its unwavering commitment to environmental sustainability. The company proudly conducts all of its Bitcoin mining operations using renewable energy sources, countering the common perception that cryptocurrency mining is inherently harmful to the environment.

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Bhea Lacsamana

Bhea is a fintech journalist specializing in crypto, with a unique blend of roles as a content creator, anthropologist, and qualitative researcher. Her articles dive into both financial technology and cultural traditions, reflecting her diverse interests. Catch her immersed in a book where her love for learning thrives.