Monday, December 4, 2023

Recently, Bitmain launched its state-of-the-art S21 series Antminers, featuring an efficiency below 20 joules per terahash (J/T). In the wake of this development, Iris Energy, a bitcoin mining firm publicly traded on the Nasdaq exchange under the symbol IREN, has confirmed a $19.6 million purchase of 1.4 exahash per second (EH/s) from Bitmain’s latest S21 series.

This significant investment is broken down to a cost of $14 per terahash and includes an additional deferred payment of $2.9 million, to be made one year following shipment. The newly acquired S21 units will be installed at Iris Energy’s facility in Childress, Texas, as per the company’s official announcement. This procurement will augment Iris Energy’s self-mining capacity by a quarter, raising it from an existing 5.6 EH/s to a new total of 7 EH/s.

Though the specific model of the S21 units was not disclosed by Iris, they did mention an efficiency rate of 17.5 J/TH, indicating a likely selection of the air-cooled version. Given the machines’ performance capacity of 200 terahash per second and the total purchase volume of 1.4 EH/s, it is reasonable to estimate that approximately 7,000 units were acquired. With a current operational capacity of 7 EH/s, Iris Energy projects a forthcoming increase to 9.4 EH/s, a slight adjustment from their initial forecast of 9.1 EH/s.

Concurrently, the Childress data center is in the process of expanding its infrastructure to accommodate an 80-megawatt setup. Completion of this expansion is expected in early 2024. Iris Energy’s decision to invest in Bitmain’s cutting-edge technology comes as competitors like Canaan and Microbt are revealing their next-generation mining machinery. The industry is noticeably shifting towards models that promise optimal hashrate and energy efficiency.

For instance, Peak Mining, a subsidiary of the Northern Data Group, recently closed a $150 million deal with Microbt to acquire 7 EH/s from an assortment of Whatsminer models. Canaan has also introduced its liquid-cooled A1466I machine, boasting 170 terahash per second and an efficiency of 19.5 J/T. Microbt is preparing for the upcoming launch of its M60 model, promising an efficiency of under 20 J/T, slated for release on October 24th.

Committed to sustainability, Iris Energy asserts that its mining operations are fueled by 100% renewable energy. The company aims to escalate its capacity to 30 EH/s in the foreseeable future. Year-to-date, shares of Iris Energy have appreciated by 150%, although they have retreated by 27% in the past month. This recent decline is aligned with a broader downturn in the cryptocurrency market, instigated by geopolitical tensions in the Middle East that have rippled through financial markets.

What are your insights regarding Iris Energy’s $19.6 million investment in Bitmain’s latest S21 Antminers? We invite you to share your perspectives on this matter in the comments section below.

Frequently Asked Questions (FAQs) about Iris Energy Bitmain Acquisition

What is the main focus of Iris Energy’s recent acquisition?

The main focus of Iris Energy’s $19.6 million acquisition of Bitmain’s S21 Antminers is to expand its self-mining capacity. The investment will increase the company’s mining capabilities by 25%, from 5.6 EH/s to 7 EH/s.

What are the financial details of this acquisition?

Iris Energy spent $19.6 million on this acquisition, which equates to $14 per terahash. An additional amount of $2.9 million will be deferred and paid one year after the shipment is received.

Where will the newly acquired S21 Antminers be stationed?

The S21 Antminers will be installed at Iris Energy’s data center in Childress, Texas.

How does this acquisition affect Iris Energy’s market position?

The acquisition bolsters Iris Energy’s market position by increasing its mining capacity and keeping it competitive as rivals like Canaan and Microbt unveil their next-generation mining machines.

What is the projected operational capacity for Iris Energy following this acquisition?

Following this acquisition, Iris Energy anticipates its operational capacity to increase to 9.4 EH/s in the near future, a slight upward revision from their initial projection of 9.1 EH/s.

What is the energy source for Iris Energy’s mining operations?

Iris Energy claims that its mining operations are entirely powered by renewable energy sources.

Have there been any recent changes in Iris Energy’s stock performance?

Year-to-date, Iris Energy shares have appreciated by 150%. However, they have experienced a 27% decline over the past month, coinciding with a broader downturn in the cryptocurrency market.

What other market trends are mentioned in relation to this acquisition?

The acquisition comes at a time when the industry is shifting towards next-generation mining models that offer optimal hashrate and energy efficiency. Companies like Peak Mining and Canaan are also making significant moves in the market.

More about Iris Energy Bitmain Acquisition

  • Iris Energy Official Announcement
  • Bitmain S21 Series Introduction
  • Nasdaq Stock Information for Iris Energy (IREN)
  • Industry Trends in Bitcoin Mining
  • Overview of Next-Gen Mining Rigs by Canaan and Microbt
  • Childress Data Center Expansion Details
  • Renewable Energy in Cryptocurrency Mining
  • Geopolitical Tensions and Cryptocurrency Market


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MarketMaven October 11, 2023 - 4:44 pm

Childress center’s getting an 80 MW expansion? That’s a major infra boost. Curious to see how this plays out in 2024.

TexanLocal October 11, 2023 - 6:03 pm

Childress, TX getting all the high-tech action, huh? Nice to see some innovation in my home state.

JakeTheMiner October 11, 2023 - 6:14 pm

Wow, Iris Energy is really stepping up their game. 25% increase in mining capacity is no joke. Wonder how this will shake up the market.

GreenTechie October 11, 2023 - 7:59 pm

Love that they’re using 100% renewable energy. But can they keep it up when scaling to 30 EH/s? Hope so.

CryptoSkeptic October 11, 2023 - 9:37 pm

Huge investment but let’s not forget the overall crypto market is going down. risky business.

HashRateFan October 12, 2023 - 12:14 am

efficiency of 17.5 J/TH, not bad at all. Bet they went for the air-cooled models.

FinanceGuru October 12, 2023 - 2:47 am

Interesting move by Iris, especially with the timing. Competition’s heating up with Canaan and Microbt releasing their next-gen stuff.

MelissaQ October 12, 2023 - 5:56 am

so they’re deferring an extra $2.9M to be paid next year. smart way to manage cash flows i guess.

StockWatch247 October 12, 2023 - 9:33 am

Iris shares went up 150% this yr but dropped 27% in a month? That’s volatile, even for crypto standards.


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