Iris Energy Boosts Bitcoin Mining Capacity to 6 EH/s, Eyes 20 EH/s Milestone by H2 2024 

Iris Energy Boosts Bitcoin Mining Capacity to 6 EH/s, Eyes 20 EH/s Milestone by H2 2024 

According to an announcement from the publicly-listed bitcoin miner Iris Energy, the mining operation has increased its operating capacity to 6 exahash per second (EH/s) and expects an additional 4 EH/s to be online by the first half of 2024.

Iris Boosts Mining Capacity to 6 EH/s Amidst IREN Share Dip

​​The announcement on Tuesday from Iris Energy (Nasdaq: IREN) highlighted the growth of its mining operations to 6 EH/s, following the deployment of new mining hardware. Over the last six months, Iris has reported several purchases of application-specific integrated circuit (ASIC) mining rigs.

Notably, in October 2023, the company disclosed the acquisition of Bitmain S21 Antminers worth $19.6 million. This was followed in November by the purchase of 7,000 T21 Antminers from the ASIC manufacturer.

Additionally, in December, Iris announced the acquisition of another 8,380 T21 Antminers from Bitmain. Iris Energy is projecting an increase in its mining operations, expecting an additional 4 exahash per second (EH/s) to become operational by the end of the first half of 2024.

The company also emphasized its trajectory towards achieving a 20 EH/s target by the latter half of 2024. This ambitious goal comes on the heels of a significant acquisition – a purchase and fixed price option agreement for an extra 10 EH/s of Bitmain T21 miners.

Shares of IREN have not performed as strongly as they did in 2023, experiencing a notable decline of 47.2% against the U.S. dollar since the start of the year. A recent analysis by theminermag.com reveals that publicly-listed mining companies have seen a reduction in value, amounting to $6 billion, since the year’s commencement.

What do you think about Iris expanding its hashrate by adding 6 EH/s of hashpower? Share your thoughts and opinions about this subject in the comments section below.