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Bitcoin miner pulls the plug

Bitcoin-miner Iris Energy has pulled the plug on a large portion of its mining hardware.

By Luc Vesters
• 2 min read
Bitcoin miner pulls the plug

Bitcoin-miner Iris Energy has pulled the plug on a large portion of its mining hardware. That comes from a report filed with the US Securities and Exchange Commission. The move followed a repayment of about $107.8 million on loans secured by the ASIC devices. In early November, Iris Energy said it was facing financial trouble due to rising electricity costs and the slipping Bitcoin price.

After halting machines with a hashrate of roughly 3.6 EH/s, the company’s total compute capacity sits at about 2.4 EH/s. Since current hashing power on the network, according to BitInfoCharts, is nearly 240 EH/s, losing the ASIC units should be barely noticeable. The mining company’s stock has slid more than 90% over the past year.

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