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Iris Energy to cut mining hardware after defaulting on $108M loan

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cointelegraph.com

Australian Bitcoin mining firm Iris Energy is the latest to suffer from the squeeze of the crypto bear market, losing a significant chunk of its mining power after defaulting on a loan.A filing by the firm to the U.S.

Securities and Exchange Commission on Nov. 21 revealed that it has unplugged its hardware used as collateral in a $107.8 million loan as of Nov.

18.The units “produce insufficient cash flow to service their respective debt financing obligations,” the firm noted. The operation generates around $2 million in Bitcoin gross profit per month but cannot cover the $7 million in debt obligations.Iris has now reduced its capacity by around 3.6 EH/s (exahashes per second) of mining power.

It stated that capacity remains at around 2.4 EH/s which includes 1.1 EH/s of hardware in operation and 1.4 EH/s of rigs in transit or pending deployment.The company stated that its “data center capacity and development pipeline are unaffected by the recent events,” and it will continue to explore opportunities to utilize its capacity.

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