Australia-based Bitcoin (BTC) mining firm, Iris Power, revealed it can practically triple its mining capability with the addition of 1000’s of mining rigs.

On Feb. 13 the agency said it bought a further 4.4 Exa Hashes per second (EH/s) price of Bitmain Antminer S19j Professional ASIC miners bringing its self-mining capability to five.5 EH/s from 2.0 EH/s.

Primarily based on the S19j Professional’s most hashrate of 100 Tera Hashes per second (TH/s), the acquisition provides an estimated 44,000 miners to its fleet, in line with Cointelegraph’s calculations.

Daniel Roberts, Iris’ co-founder and Co-CEO mentioned the acquisition “is a big milestone” for the corporate and added its been a “difficult interval for each the business and markets extra usually.”

Iris mentioned the brand new miners will likely be put in within the firm’s facilities however didn’t point out by which areas. The agency operates three services in numerous areas in British Columbia, Canada and one in Texas in america.

The corporate used $67 million of remaining prepayments to ASIC miner producer Bitmain to fund the acquisition of the rigs “with none more money outlay.”

Iris had a ten EH/s contract with Bitmain which it says “have been absolutely resolved, with no remaining commitments.” It acknowledged it stays debt free.

The agency mentioned it’s additionally contemplating choices to promote surplus miners above its 5.5 EH/s of mining capability to re-invest.

Core Scientific handy over 27K rigs to pay $38M debt

In November final yr the corporate was pressured to unplug miners used as collateral on a $107.8 million mortgage because the models had been producing “inadequate money movement to service their respective debt financing obligations.”

Over the previous few months cryptocurrency miners have confronted a squeeze from a number of instructions, having to confront low Bitcoin costs amid excessive hash charges, excessive mining problem and excessive power costs.

The strain brought on publicly listed Bitcoin mining corporations to unload nearly all the BTC mined all through 2022 with knowledge from blockchain analysis agency Messari displaying Iris bought round 100% of the practically 2,500 BTC it mined that yr.

A Febuary evaluation from Hashrate Index exhibits publicly listed miners elevated their manufacturing in January with higher climate and steady electrical energy costs serving to the manufacturing surge. Iris’ January manufacturing resulted in 172 BTC in comparison with 123 BTC in December.