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Iris Energy doubles self-digging capacity through strategic acquisition

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On February 13, Iris Energy announced that it would increase its self-digging capacity from 2.0 EH/s to 5.5 EH/s. Iris Energy has successfully used the remaini…

Iris Energy doubles self-digging capacity through strategic acquisition

On February 13, Iris Energy announced that it would increase its self-digging capacity from 2.0 EH/s to 5.5 EH/s. Iris Energy has successfully used the remaining US $67 million advance payment in the 10 EH/s contract it signed with Bitland, including the simultaneous sale of 2.3 EH/s of the remaining 6.7 EH/s contract miners to a third party to acquire 4.4 EH/s of the new S19j Pro miners without any additional cash expenditure. After the completion of the transaction, the Group’s obligations under its existing 10 EH/s contract with Bitland have been fully resolved and there are no remaining commitments. （Globe News Wire）

Iris Energy increased its self-digging capacity from 2.0 EH s to 5.5 EH s

Interpretation of the news:


The announcement made by Iris Energy on February 13 has revealed the company’s decision to increase its self-digging capacity from 2.0 EH/s to 5.5 EH/s through a strategic acquisition of new S19j Pro miners. This move demonstrates the company’s commitment to expanding its mining operations while remaining financially responsible.

Iris Energy has managed to utilize the remaining US $67 million advance payment in the 10 EH/s contract it signed with Bitland. Through this contract, the company has been able to sell 2.3 EH/s of the remaining 6.7 EH/s contract miners to a third party, enabling them to acquire 4.4 EH/s of the new S19j Pro miners without additional cash expenditures.

The strategic acquisition of new miners came at no additional cost to the company, as the sale of the previous contract miners enabled the company to acquire new ones without a significant net cash expenditure. This method maximizes the efficiency of the company’s financial resources, ensuring that they are put to good use while keeping the company on solid financial footing.

Moreover, the completion of the transaction has fully resolved the company’s obligations under its existing 10 EH/s contract with Bitland. This assures investors and customers that the company continues to grow and remain competitive without any looming financial burdens or commitments.

Overall, Iris Energy’s strategic acquisition is a reflection of the company’s stronger commitment to expanding its mining capacity while keeping a keen eye on financial viability. This milestone achievement is expected to further solidify Iris Energy’s position as one of the leading market players in the cryptocurrency mining industry.

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