Iris Energy, a bitcoin miner, has received $71 million in equipment financing from NYDIG.
The financing is backed by 19,800 Bitmain S19j Pro miners with a hashrate of about 1.98 exahash per second.
Iris Energy (IREN), an Australian bitcoin miner, has received $71 million in equipment financing from institutional bitcoin broker NYDIG.
- The loan is secured by 19,800 Bitmain S19j Pro miners from Iris Energy, which have a hashrate of roughly 1.98 exahash per second (EH/s) and a 25-month term with an interest rate of 11% per year, according to a statement released on Monday.
- In February, Iris Energy's average working hashrate was 844 petahash per second, with hopes to achieve 10 EH/s by early 2023. It has also secured a total of 15 EH/s in mining equipment.
- The miner said it still has about around 10 EH/s of the company's entire stock of miners are still unencumbered, giving it flexibility and the ability to seek additional non-dilutive funding.
- "We look forward to formalising additional credit facilities as miners continue to be delivered and installed," stated Daniel Roberts, co-Founder and Co-CEO of Iris Energy.
- The funding comes at a time when crypto miners are looking for new ways to fund their operations, such as through bitcoin-backed loans and asset-backed loans related to their mining equipment.
- This year, Iris Energy's stock has dropped roughly 5.5 percent, while bitcoin has dropped about 1.2 percent. During early trade on Monday, the miner's shares were up over 3%.