Iris Energy (IREN), a notable player in the Bitcoin mining industry, has recently made a significant announcement regarding an increase in its self-mining capacity by 25%. This expansion is aimed at reinforcing the company’s position in the market and enhancing its resilience post-halving. The primary elements of this development include the acquisition of 1.4 EH/s of Antminer S21, meaning approximately 7,000 units of S21, achieving an efficiency rate of 17.5 J/TH, and a near-term expansion plan that will further elevate the capacity to 9.4 EH/s.
Increase in Self-Mining Capacity
IREN is taking steps to strengthen its self-mining capacity by boosting it by 25%. The new capacity is set to reach 7.0 EH/s, signifying substantial growth in the company’s mining operations.
Acquisition of Antminer S21
IREN has acquired 1.4 EH/s of S21 miners as part of its expansion strategy. These miners are renowned for their mining capabilities, and their addition will significantly contribute to IREN’s overall hashing power. It’s said the shipping will start from early 2024.
Efficiency Improvement – 17.5J/T
An essential aspect of IREN’s expansion plan is the achievement of an impressive efficiency rate of 17.5 J/TH. This improvement in energy efficiency is vital for ensuring profitability and sustainability in the highly competitive cryptocurrency mining industry.
Near-Term Expansion to 9.4EH/s
In addition to the 25% increase in self-mining capacity, IREN has outlined its near-term expansion plans, which will further elevate its mining capacity to 9.4 EH/s. This signals the company’s commitment to continuous growth and a strong presence in the market.
IREN’s announcement of a 25% increase in self-mining capacity through the acquisition of Bitmain-made Antminer S21 miners, coupled with efficiency improvements and near-term expansion plans, underscores its determination to be a key player in the cryptocurrency mining industry. This development positions IREN for market dominance, resilience in the face of halving events, competitive advantage, and sustainable growth. It will be interesting to observe how these changes impact IREN’s position in the cryptocurrency mining landscape and the industry as a whole.