Iris Energy boosts self-mining with purchase of Bitmain T21 miners

Iris Energy acquires 8,380 miners for $22.3 million, aiming for 10 EH/s mining capacity.

Iris Energy Limited, a computer application company based in Australia, has confirmed the procurement of 8,380 T21 miners from Bitmain Technologies Delaware Limited in a Dec. 15 press release.

The cost of the miners is said to be $22.3 million, which will be payable in incremental payments. 

In line with the Company’s objective to expand its self-mining capacity to 10 EH/s, it is worth noting the current operating capacity stands at 5.6 EH/s. 

Upcoming shipments to reach this goal will include 1.4 EH/s of Bitmain S21 miners scheduled for Q1 2024 and 1.3 EH/s of Bitmain T21 miners slated for Q1 2024. Additionally, a shipment of 1.6 EH/s of Bitmain T21 miners is expected in Q2 2024.

According to the announcement, the addition of the newly acquired S21 and T21 miners, once operational, is anticipated to enhance overall fleet efficiency from 29.5 J/TH to 24.8 J/TH. 

Despite Bitcoin mining increasing in difficulty since September, on Dec. 10, Bitcoin (BTC) witnessed a 0.96% decrease in mining difficulty, aligning with an average hashrate of 462.60 EH/s. This shift occurred amid a Bitcoin price downturn, reaching $40,500 on the night of Dec. 11. 

This adjustment directly impacts the anticipated halving date, expected in April 2024.