Australian Green Bitcoin Miner ‘Iris Energy’ Doubles its Hash Rate

Australian green Bitcoin miner Iris Energy has successfully doubled its hash rate on completion of phase two of its Mackenzie site and expects to add further capacity to its Prince George site, also in Canada, by the end of September:

Way Ahead of Schedule

More than a month ahead of schedule, Iris Energy switched on 41 megawatts of Bitcoin mining machines in British Columbia on August 5. The move has lifted the Bitcoin network’s exahashes/second (EH/s) rate to 2.3 EH/s.

We are particularly pleased to continue our track record of delivering projects on schedule, despite the current market backdrop and ongoing international supply chain challenges.

Daniel Roberts, co-founder and co-CEO, Iris Energy

Iris Energy has a second site in British Columbia, Prince George, to which it intends to add another 1.4 EH/s (needing 50 MW of energy capacity). As a result of the prompt hash rate increase, the company’s Nasdaq-listed shares were up by more than 10 percent on August 8.

Previous Positives

In March 2021, Iris Energy smashed its pre-IPO funding target of A$20 million. Thanks to an unexpected Platinum Asset Management (PAM) financial commitment, the target was doubled to A$40 million. PAM had pledged $13 million in capital ahead of the planned IPO.