Iris Energy Increases Bitcoin Mining Capacity, Here's The Target!

Irish Energy, Bitcoin mining company increases its mining capacity. (Photo; Doc. Capital)

JAKARTA - Iris Energy, a Bitcoin mining company listed on the Nasdaq exchange, announced an increase in its operational capacity to 6 exahash per second (EH/s) and expects an additional 4 EH/s to go online in the first half of 2024.

Additional information, exahash (EH) is a unit used to measure the amount of hash done by Bitcoin miners in one second. Hash is a mathematical calculation performed by mining hardware to try to complete the Bitcoin block.

This capacity increase is supported by the implementation of new mining hardware purchased from Bitmain, the world's leading application-only integrated circuit (ASIC) manufacturer. In the last six months, Iris has reported several purchases of Bitmain S21 and T21 Antminers mining rigs with a total value of USD 46.6 million (IDR 729.7 billion).

In addition, in December 2023, Iris announced the acquisition and fixed price agreement for an additional 10 EH/s from Bitmain T21 miners. Thus, Iris Energy projects to increase its mining operations to 10 EH/s by the end of the first half of 2024.

The company also emphasizes its trajectory towards achieving the target of 20 EH/s in the second half of 2024. This ambitious goal came after Iris managed to raise funds of $200 million (Rp 3.1 trillion) through an initial share offering (IPO) on Nasdaq in November 2023.

Iris Energy is one of Bitcoin mining companies committed to using renewable energy in its operations. The company has mining facilities in British Columbia, Canada, which utilize cheap and clean hydroelectric electricity.

In addition, Iris also plans to build a new mining facility in Texas, United States, which will use wind and solar energy. The company hopes to reduce its carbon footprint and increase its mining efficiency.

Iris Energy (IREN) shares did not appear as strong as in 2023, a significant decrease of 47.2% against the US dollar since the start of the year. Recent analysis by theminermag.com revealed that publicly registered mining companies have experienced a decline in value of $6 billion (Rp 93.9 trillion) since the beginning of this year.

This decline was partly due to Bitcoin price fluctuations, which fell by about 25% since hitting record highs (ATH) above $69,000 in November 2021. In addition, mining companies also face regulatory challenges, competitions, and security risks.

However, Iris Energy remains optimistic about the long-term prospects for Bitcoin mining and seeks to increase its scale and operational performance. The company also plans to continue investing in technology and innovation to support its business growth.