Iris Energy, a renewable energy-focused Bitcoin mining company, has announced its plans to double its hash rate by 2024. The Australian company has placed an order for $22 million worth of Bitmain T21 mining rigs, which are scheduled to be delivered in the first half of 2024. With this investment, Iris Energy aims to increase its operational mining capacity to over 10 EH/s (Exahashes per second).
Iris Energy is known for its commitment to sustainable mining practices, using renewable energy sources to power its operations. The company is focused on leveraging its access to cheap, green energy in Australia to enhance its Bitcoin mining capabilities. By expanding its hash rate, Iris Energy aims to capitalize on the growing demand for Bitcoin and strengthen its position in the mining industry.
This partnership with Bitmain, one of the leading mining hardware manufacturers, is a significant step for Iris Energy. The new mining rigs will provide the company with the necessary computational power to process more transactions and secure the Bitcoin network. As the Bitcoin network continues to grow, Iris Energy’s increased hash rate will allow it to compete more effectively with other mining operations and potentially increase its revenue.
Overall, Iris Energy’s decision to double its hash rate with a substantial investment in Bitmain mining rigs demonstrates the company’s confidence in the future of Bitcoin mining and its commitment to sustainable practices. As demand for Bitcoin continues to rise, expanding its mining capacity will allow Iris Energy to capture more opportunities in the market and solidify its position as a leading player in the industry.
