Iris Energy: part of the hardware is switched off, and its shares down

In early November, subsidiaries of Iris Energy received notices of default. After that, the miner decided to shut down some facilities.

The company’s total debt reached $107.8 million (including interest and penalties for late payments). The problems involve companies that were registered to acquire mining equipment against the collateral of the devices.

According to Iris Energy, disconnected devices have a capacity of 3.6 Eh/s. The company still has working miners with 1.1 Eh/s. The hardware is in the process of being deployed with 1.3 Eh/s.

The company reports:

Opportunities continue to be explored to leverage the available capacity of the available data centers. All facilities have been structured to manage risk and protect the business.

The news of the outage expectedly led to a drop in the company’s securities:

Source: Google Finance