Seeking Alpha
2022-08-01 13:19:41

Iris Energy stock perks up after boosting mining capacity in Bitmain deal

Iris Energy (NASDAQ:IREN) shares are climbing 3.3% in Monday premarket trading after it reached a deal with Bitmain Technologies to ship 1.7 exahash per second more of contracted S19j Pro miners in August.That is expected to boost the company's total mining capacity to 6.0 EH/s from 4.3 EH/s.In reference to the additional operating capacity, the eco-friendly bitcoin (BTC-USD) miner is working through deployment options across its sites, including the Childress project in Texas.Note that the company has $83.3M of remaining payments regarding its additional contracted miners above the 6.0 EH/s of capacity.Previously, (June 7) Iris Energy mined 151 bitcoins in May.

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