Return in force of minors – The year 2022 will have been particularly difficult for the sector. The Shadow of Bankruptcy has regularly weighed in on the mining behemoths, like Core Scientific Or Argo Blockchain. However, 2023 seems to bring renewed hope with the rise in prices. Some Bitcoin miners are resuming purchases in this time of opportunity and cheap hardware. Decryption.
Iris Energy restarts the machine
The mining giants have suffered in recent months, gripped by the difficult market conditions. Between a Bitcoin price at the edge of the daisies and a hash rate (available mining power) which nevertheless continues to rise. Because behind the scenes, Bitcoin mining players are waging a merciless war to make their opponents capitulate. Typically, Core Scientific was narrowly saved from collapse by BlackRock.
While some are still suffering from this endless bear market, others are taking advantage of the still largely present gloom. Because it is full of opportunities. This is the case ofIris Energy, a Bitcoin mining company based on renewable and decarbonization of energies. The Australian company announces tripling its mining capacity. Yes, triple! The firm has approximately 44,000 Antminer S19j Pro from the manufacturer bitmain.
The company will thus be able to increase its mining power from 2 PE/s to 5.5 PE/s. A big increase at a time when many competitors are in difficulty.
“This is a crucial step for Iris Energy. […] We thank Bitmain for their support during this particularly difficult time for the industry and more globally the steps. »
Daniel Roberts, co-founder of Iris Energy
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The resurgence of mining for 2023?
These mining machines will join the sisters in the various farms owned by Iris. The company has one in British Columbia (Canada) and in Texas (USA).
A juicy operation therefore which, on top of the market, was carried out without the need for Iris to pay the slightest extra penny. Indeed, the company already had in reality of a contract with Bitmain for the purchase of machines up to 10 PE/s. A prepaid contract by Iris which used 67 million dollars for this new acquisition. Dollars that were already in the coffers of Bitmain. A great anticipation from the company.
“We are delighted to be able to use the rest of our prepayment sent to Bitmain to acquire new machines without reinjecting additional cash. […] In doing so, not only are we increasing our capacity to 5.5 PE/s, but everything is powered by 100% renewable infrastructure. »
Daniel Roberts, co-founder of Iris Energy
Iris Energy has also declared that it plans to resell the mining machines it has in excess of its target of 5.5 PE/s at the appropriate time.
While many mining companies have been forced to sell all of their bitcoin at the worst time in recent months, others seem to be getting their heads above water. It is when difficult conditions undermine the morale of an entire sector that better opportunities are offered to those who have the strongest backs. It would seem that Iris Energy is one of them. It remains to be seen whether the year 2023 will remain conducive to a slow recovery in a mining sector. hard hit by the market.
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