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Bitcoin Miner Iris Energy Unplugs Hardware Collateralizing over $100 Million in Loans

1 min read Original Link

Bitcoin miner Iris Energy has unplugged a large majority of its miners in response to a default notice on about $107.8 million in loans they were securing.

However, the company said that its data center capacity and development pipeline will be "unaffected" by the move, in a U.S. Securities and Exchange Commission filing Monday. It freed up about 90 megawatts of capacity at a time when machine prices have fallen steeply.

The company had previously stated that given current mining economics the machines weren't making enough money to pay for loans, generating around $2 million in BTC per month in gross profit, versus the $7 million in debt obligations.

Earlier this month, Iris was served with a default notice from its lender and now expects it to call back the machines.

(by Catarina Moura)

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