Bitcoin Miner Iris Energy Increases Bitcoin Mining Capacity by 25% As Bitcoin Halving Approaches

Canadian Bitcoin miner Iris Energy Increases capacity by 25% to 7.0 EH/s ahead of 2024 halving, with NASDAQ shares up 9.5%.
Bitcoin miner Iris Energy Increases Bitcoin Mining Capacity by 25% As Bitcoin Halving Approaches

Just before the forthcoming Bitcoin halving event scheduled for April 2024, one of the Canadian bitcoin mining companies, Iris Energy, increased its mining capacity by 25%, to stand at 7.0 exahashes per second (EH/s).

To achieve this, the business paid $19.6 million for an additional 7,000 of Bitmain’s Latest S21 Miners. Utilizing the already available funds, such as the $64 million in cash reserves held by iris, the expansion will be financed.

Simply put, mining capacity has an impact on receiving Bitcoin rewards, with a company with large mining capacity standing to earn more Bitcoin. Iris Energy’s NASDAQ-listed shares (ticker: IREN) increased 9.5% as a result of this announcement.

Initially aiming to reach a 9.1 EH/s target by April 2024, Iris Energy has recently increased it to 9.4 EH/s. They are also keeping an eye out for potential new hardware opportunities.

The halving of Bitcoin in April 2024 could lead to lower mining rewards, which could have an impact on the survival of some mining operations. On the other hand, it might well kick off a bull market in Bitcoin, making it more lucrative for the sector financially.

Similar to this, several significant mining firms, like Blockstream, Riot, and CleanSpark, are stepping up their mining operations in front of the Bitcoin halving in order to stay competitive in this developing market.

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