Why the 500 million NFT wasn’t sold

Another mining company, Iris Energy, is registering an IPO in the USA, but without even owning a BTC.

The mining scene is still in turmoil. More and more companies are bridging the gap between power generation and cryptocurrency mining. The most recent example is Iris Energy from Australia, which is now even aiming for an IPO in the USA. On Monday became a F-1 form in the Securities and Exchange Commission (SEC) filed. The goal is therefore to collect 100 million US dollars and to place a listing on the Nasdaq stock exchange under the ticker $ IREN. The curious thing about Iris Mining: Unlike other listed miners in North America, Iris Energy does not hoard its Bitcoin. Instead, it liquidates its newly minted coins on a daily basis.

We have been mining Bitcoin since 2019. However, we are liquidating all Bitcoin that we have won and therefore we have no Bitcoin on our balance sheet as of September 30, 2021 “

, it says in the prospectus.

Iris Energy is expanding its fleet with new Antminers

The mining company plans to use the net proceeds from the IPO to add to its working capital. It is also intended to expand its hardware and mining facilities. Iris Energy’s first location is in Canada. The company is aiming for additional facilities in British Columbia, Texas and Asia in order to have sufficient capacity for the mining hardware that has already been ordered.

Binding sales contracts have already been concluded with Bitmain. The latest generation of miners Antminer S19j and Antminer S19j Pro are said to offer a total hashrate of 14.5 EH / s. Iris Energy stated that it had a hash rate of around 0.7 exahashes per second on October 1, which is roughly 0.4 percent of the total hashrate on the Bitcoin network. In addition to Iris Energy, Stronghold Digital Mining also recently announced an IPO.

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