BTC-miner Iris Energy's net loss reached $144 million.

  • 19:30 Feb 16, 2023
BTC-miner Iris Energy's net loss reached $144 million.

The well-known BTC-miner Iris Energy reported on its state of affairs. As a result, the net loss reached $144 million, and the number of bitcoins mined in December decreased.

A significant amount of the loss is attributed to the company's cash depreciation, $105.2 million of the $144 million related to the financing of the mining devices. Revenue marginally exceeded analysts' forecast of $13.3 million, totaling $13.8 million. Iris Energy securities rose 67% in the regular session but fell in post-market trading. Co-founder Daniel Roberts was positive about the company's near-term outlook.

Last year was extremely difficult for the crypto industry and even the stock markets generally. Nevertheless, we are confident that there are excellent opportunities for capitalization as the markets are getting better.

Earlier, Iris Energy announced plans to increase its hash rate. Recall that in November the company shut down some of its equipment amid defaulted loans of over $100 million. As the mining devices arrive, Iris intends to increase the hash rate to 5.5 Eh/s. The company plans to sell capacity above that level to fund corporate purposes.

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