SummaryIris is among the most efficient producers of all public Bitcoin miners.The company is really ramping up EH/s through the second half of calendar year 2022.With quite a bit of cash on the balance sheet and treasury strategy that works well when Bitcoin's price is declining, Iris is quietly building a juggernaut during crypto winter.Iris Energy (IREN) is one of the smaller market cap Bitcoin (BTC-USD) miners in the equity market at just $246 million market cap. Iris is smaller than many of the other publicly traded miners despite similar levels of installed exahash: Company Ticker EH/s Market Cap Bitfarms (BITF) 3.9 $336 million Iris Energy IREN 3.7 $246 million CleanSpark (CLSK) 3.4 $219 million Marathon Digital (MARA) 3.2 $2.2 billion Hut 8 Mining (HUT) 3.0 $397 million Sources: Iris Energy, Seeking Alpha as of 9/15/22In my last coverage of Iris Energy, my article focus was on property ownership, institutional holdings, and miner profitability broadly in the industry. In this article, we'll look at Iris's annual update, the current balance sheet, production/exahash trends, and the regulator risk facing North American mining operations. Miners still move in tandemWhat's fascinating about the publicly traded miners is how different the models can be. For instance, Marathon Digital and Riot Blockchain (RIOT) are among the largest Bitcoin mining operations yet they have drastically different infrastructure mode...
