Bitcoin mining entrepreneur Dan Roberts has told investors nursing 95 per cent losses in his Iris Energy business to stay the course as the bitcoin price will rebound, and the business boasts sufficient liquidity to survive crypto’s downturn.
Iris Energy - Brothers Will Roberts and Daniel Roberts: the ex Macquarie bankers now doing green bitcoin mining.On November 4, creditor New York Digital Investment Group filed a legal default notice demanding immediate repayment in full of the entire principal amounts due across the three separate SPVs.
The bitcoin apostle also brushed off a question around global bitcoin miners currently trading at liquidation values. “We can fill up our data centres with hosting if we want to, but I’m not sure that we want to,” Mr Roberts said.“Our data centres are ready, anyone can come in with a computer, plug it in, pay us a margin and life goes on. We were thinking about doing that a few weeks ago, but that feels like a bit of a cop out and feels like we’d be giving up a lot of the bitcoin upside by just defaulting to that position.”Iris shares closed down 6.2 per cent to $US1.