Based on the S19j Pro’s maximum hashrate of 100 Tera Hashes per second , the purchase adds an estimated 44,000 miners to its fleet, according to Cointelegraph’s calculations.
Daniel Roberts, Iris’ co-founder and Co-CEO said the purchase “is a significant milestone” for the company and added its been a “challenging period for both the industry and markets more generally.” Iris said the new miners will be installed in the company’s centers but did not mention in which locations. The firm operates three facilities in various locations in British Columbia, Canada and one in Texas in the United States.The company used $67 million of remaining prepayments to ASIC miner manufacturer Bitmain to fund the purchase of the rigs “without any additional cash outlay.”
Iris had a 10 EH/s contract with Bitmain which it says “have been fully resolved, with no remaining commitments.” It stated it remains debt free. The firm said it’s also considering options to sell surplus miners above its 5.5 EH/s of mining capacity to re-invest.
Relying on partners/hosting has notoriously been inconsistent and problematic in the mining industry - partnerships go bad and hosting fees go up - these are liabilities. Iris will prevail because it is infrastructure first, vertically integrated, and has a hybrid hodl strategy.
Those who perform proper DD understand how fundamentally strong Iris Energy is - excellent management and balance sheet, self-mine, and have acquired a substantial amount of 100% green infrastructure in the right locations to grow into. Keep the price low and I’ll keep buying.
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On Feb. 13 the firm said it purchased an additional 4.4 exahashes per second (EH/s) worth of Bitmain Antminer S19j Pro ASIC miners, bringing its self-mining capacity to 5.5 EH/s from 2.0 EH/s.
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