Bitcoin Miner Iris Energy File for a $ 100 Million Initial Public Offering

Iris Energy, a bitcoin mining company powered primarily by renewable energy, has filed an initial public offering with the US SEC worth $ 100 million.

mining company is a Bitcoin mining company that builds and operates data centers and electrical infrastructure to mine bitcoins using renewable energy sources. Iris Energy will be listed on Nasdaq under the ticker symbol IREN. company confidentially filed a draft registration statement on Form F-1 with the US SEC in late August 2021.

company aims to enter regions where there are abundant, cheap and renewable energy sources. Its mining operations generate income by earning Bitcoin through a combination of block rewards and transaction fees from the operations of its ASICs.

Sustainable mining supremacy

Iris Energy aspires to be the world leader in sustainable bitcoin mining and acquired a site in British Columbia, Canada in January 2020. site, formally a sawmill, is connected to the electrical transmission grid of British Columbia Hydro and Power. Iris Energy’s use of this power brings stability to the grid and provides employment opportunities and financial support to the Canal Flats community in British Columbia.

Iris Energy extracts bitcoin using excess energy when most people don’t want it and the market doesn’t appreciate it. company’s position is at the lower end of the bitcoin mining cost curve, allowing it to profit from falling bitcoin prices, when high-cost miners are crushed.

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How Iris Energy arrived

Iris Energy was founded in 2018 and earned $ 17 million in revenue during the 12 months ending September 30, 2021.

company raised AUS $ 110 million in early 2021 with Platinum Asset Management and a US hedge fund as shareholders, among others, and secured additional data center development sites and new IT hardware, which, with more funds, it will expand their hashing capacity by 4.5 EH / s, or 180 MW, bringing them to No. 3 in the global market. Iris Energy recently acquired the latest generations and best-in-class Antminer S19j Pro efficiency from Bitmain.

Iris Energy joins an exciting space of publicly traded sustainable miners fighting for supremacy. Another mining company, Pennsylvania-based Stronghold Digital Mining, applied for an initial public offering and was listed on the Nasdaq. company burns abandoned coal reserves in Pennsylvania in a controlled manner to generate electricity for mining and sell it to the grid at times of increased demand. Its hash rate is lower than that of Iris Energy, at 185 petahash per second.

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