Australia-Based Iris Energy Doubles Its Operating Capacity
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Australian miner Iris Energy doubles its hash count.
Iris Energy, an Australian Bitcoin mining company founded in 2018, has reportedly increased its hash rate, the computing power used to validate blockchains. 2.3 exits per second.
According to a Press release distributed on August 8, the company is added 41 megawatts of Bitcoin miners in British Columbia. The news comes more than a month before the planned introduction of such technology.
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The company claims that thanks to these innovations, it is “roughly doubled its performance by more than 2.3 EH/s”.
Although the mining numbers are already high, the company is planning to add even more power to its hash rate. At the end of September, Iris Energy is scheduled to add another 1.4 EH/s, which will require 50 MW of energy in Prince George, BC (Canada).
The Bitcoin (BTC) the mining company aims to increase its total capacity to 3.7 EH/s by the end of September. reach 6.0 EH/s at the end of the year.
The increasing hash rate is important in securing the network. As the hash rate increases, so does the number of validators. Therefore, it ensures the security of the network.
Daniel Roberts, co-founder and CEO of Iris Energy, was pleased that the company managed to increase its computing power on time “despite the current market situation and ongoing international supply chain challenges”.
In December 2020, Iris Energy received $19.5 million in equity financing and $3.9 million in debt during a pre-IPO funding round.