SummaryIris Energy announced the cash flow from its collateralized mining machines isn't large enough to service the debt payments.The company has $53 million in cash, $75 million in Bitmain prepayments and $103 million in SPV-owned debt.Should the collateralized machines be foreclosed, Iris Energy will see a dramatic drop in EH/s.To say the last week has been a rough one for publicly listed Bitcoin (BTC-USD) miners would be an understatement. Every couple days we've been hit with a new mining operation that is facing serious liquidity problems. Last week, Core Scientific (CORZ) announced it can't pay its bills and the future for that company looks very concerning. Ditto for Argo Blockchain (ARBK) (ARBKL) which just days later shared that it wasn't getting the capital that it had initially planned to receive. Those share prices have largely collapsed in response to those company announcements.Yesterday, Iris Energy (IREN) became the latest company to disclose serious liquidity concerns. If you've been following my work here on Seeking Alpha, this is a name that I've covered twice in the past and have had exposure to from the long side. Simply put, Iris Energy has $103 million in debt outstanding through special purpose vehicles, or SPVs, that have been collateralized with Iris Energy's miners. We found out yesterday that the company can't service that debt from the revenue generated by the miners that have been collateralized:...
