Information has surfaced that Iris may avoid default
This information was provided by an employee of Compass Point, which defends the interests of Iris Energy. According to Chase White, Iris may be able to restructure its debt and continue to operate unencumbered.
Specifically, consideration is being given to returning the hardware and buying a new one at a lower cost. Such statements came after the miner announced the prospect of default and on the basis that assets were not being produced in sufficient quantities to pay off liabilities.
According to a Compass Point spokesman:
Based on the current value of the equipment, it should be in the creator's interest to have the debt restructured. In particular, with a rollover, payments can be reduced. If this does not happen, then Iris may be able to recover the equipment, which is now much cheaper than it used to be.
Overall, Chase White is confident that the issue is resolved through negotiation.