10 EH/s operational in sight – The mining of bitcoin (BTC)) continues to be supported by an influx of capital into the sector. Greenidge Generation Holdings had secured two financings totaling over $100 million for in particular triple its mining capacities. This NASDAQ-listed mining company has also just added tens of millions of dollars to its balance sheet.
$71 million worth of fuel to win the race for hash power
Iris Energy, an Australian bitcoin mining company, announced in a press release dated March 28, 2022, the obtaining of a $71 million in equipment financing by one of its “wholly owned” subsidiaries, to an affiliate of the New York Digital Investment Group (NYDIG).
The financing is, according to Iris Energy co-founder Daniel Roberts, the “third equipment financing facility” the company has secured from NYDIG. It is backed by 19,800 Bitmain S19j Pro miners owned by Iris Energy. Its repayment is spread over 25 months with an interest rate of 11% per year.
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Green fuel for green mining
Iris Energy was delivering an average hash power of 844 petahashes per second as of February 2022. The company has “working and contracted miners” with 15 PE/s power, including 10 p.e. should be operational by early 2023 “. Its machines have always been powered 100% by electricity from renewable energies.
Iris Energy still has unencumbered miners with a hash rate of 10 PE/s. The company could still use them to secure additional non-dilutive funding – which does not change the capital structure of the company.
Cryptocurrency miners need to infuse millions of dollars in order to boost the hashing power of their mining parks even further, and invest in technological innovations for less energy-consuming and greener mining.
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