Iris Energy’s Strategic Expansion Amid Market Challenges Boosts Hashrate to 9 EH/s

In a decisive response to the challenging conditions in the Bitcoin mining sector, Nasdaq-listed Iris Energy Limited has significantly increased its operational capacity, elevating its total hashrate to 9 exahashes per second (EH/s). This move is part of a broader strategy to scale up to 10 EH/s by May and an ambitious 20 EH/s by the end of the year, demonstrating a robust commitment to growth despite the declining profitability in the industry, according to Bitcoin.com.

The recent halving event, which reduced the block reward for miners, has exerted additional financial pressure on mining operations, slashing the hashprice to just $48.62 per petahash. Prior to the halving, miners enjoyed earnings over $100 per petahash. In response to these shrinking margins, Iris Energy has diversified, integrating artificial intelligence computing services alongside traditional mining to create new revenue streams.

Further amplifying its competitive edge, Iris Energy invested $19.6 million in cutting-edge S21 Bitmain brand Antminers and subsequently added thousands more efficient T21 Antminers to its arsenal. This strategic hardware upgrade reduces the joules per terahash to 21.9, enhancing the overall efficiency of their mining operations.

Additionally, Iris plans to boost its capacity by 50 megawatts (MW) by year’s end, culminating in a total data center capacity of 510 MW. This expansion is facilitated by a new substation design and ongoing improvements in construction and procurement processes, which collectively propel the company’s capabilities in a highly competitive market.