News - Bitcoin miner Iris Energy is upgrading

By Luc Vesters

Bitcoin miner Iris Energy is upgrading

Bitcoin (BTC)

Bitcoin mining company Iris Energy is expanding its hardware inventory. Performance will be increased to 10 EH/s by the middle of next year, the company announced. The investment in the mining rigs amounts to about US$22 million. Currently, Iris Energy has 5.6 EH/s. The Bitmain mining devices will be delivered in several tranches.

Iris Energy maintains an image as a sustainable Bitcoin miner. The company advertises "100 percent renewable energy."

Expenses due to high electricity prices and lost revenue due to months of Bitcoin's weak exchange rate have hit the mining industry recently. The Bitcoin Hash Rate is still at record levels.

In view of the impending halving, with the reward being halved to 3,125 Bitcoin, there is fierce competition among miners.

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