Bitcoin Mining To Become More Difficult As Australia Bitcoin Miner Has Increased Its Mining Power

Iris Energy, a Bitcoin miner in Australia has announced has successfully increased its mining capacity for Bitcoin (BTC). As per the miner, their mining capacity is now over 2.3 exahashes per second.

The company has revealed that they recently went through their phase two completion. Their mining center is currently operational in Mackenzie, Canada.

Iris Energy’s Latest Achievement

Iris Energy made the announcement in the running week claiming that its operating capacity has been increased by 41 megawatts.

The Australian mining company revealed that it had managed to acquire it online from the municipality of British Columbia two months prior to the schedule.

As a result, they have added 1.5 EH/s to the hash rate they currently have. The company mining Bitcoin (BTC) is determined to increase its mining capacity even more.

They have mentioned that their next target is to bring in 50 MW online. This time, they want to bring in the power of Prince George. The particular task will be executed by the end of Q3 2022.

With the addition of another 50 MW online, their overall mining capacity will be hiked to 3.7 EH/s.

Daniel Roberts’ take on Companies’ Recent Achievements

Daniel Roberts, the co-CEO and co-founder at Iris Energy talked about their latest achievement and their future plans.

He stated that they have successfully energized their mining capacity ahead of the schedule, which is an achievement for their company.

Even when there are many supply chain challenges on an international level and the market is going through a backdrop, their task was completed before time.

They are glad that they are doing things at the right time and plan on adding even more miners after the mentioned capacity increases. For now, their goal is to increase their total hash rate to 6 EH/s.

Iris Energy’s Pre-IPO Funding

Iris Energy has raised a significant amount of equity funds as well as debts in order to carry on with their operations and increase their mining capacity.

Iris Energy had secured a total of $23.4 million from their equity funding round back in December of 2020. From the funding round, they were able to generate $19.5 million as equity funding. The rest of the funds they could generate were in the form of debt ($3.9 million).

In November 2021, Iris Energy even made a public debut through the NASDAQ Stock Exchange. At the time of writing, Iris Energy’s shares stand at $5.30 per share.

As the mining power for Bitcoin continues to rise, its mining difficulty would continue elevating as well.

With the constant rise in the mining power, the trading price of Bitcoin may also continuously rise.

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