Iris Energy to Spend Almost $20M to Expand Miners Fleet

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Australian mining company Iris Energy has announced a 25% increase in its Bitcoin mining capacity, from 5.6 EH/s to 7 EH/s, after acquiring new miners from Bitmain.

The company has entered into a $19.6 million agreement with a Chinese manufacturer to purchase 7,000 latest-generation Antminer S21 devices, with delivery expected in early 2024. An advance payment of $16.7 million will be made by Iris Energy before shipment, while the remaining $2.9 million will be deferred for up to a year.

The miners will cost the company $14 per TH/s, with the Hashrate Index reporting a market price of $15.95 per TH/s for devices with energy consumption levels below 25 J/TH.

The Antminer S21 boasts an industry-leading energy efficiency of 17.5 J/TH. Iris Energy plans to deploy the miners at their facility in Childress, Texas, which is currently being modernized to increase its capacity from 20 MW to 80 MW.