Iris Energy, an Australian Bitcoin mining company, is the most recent victim of the cryptocurrency bearish market’s pressure, losing a sizeable portion of its mining capacity after failing on a loan. According to a document submitted by the company to the U.S. Securities and Exchange Commission on November 21, it had disconnected the hardware used as security for a loan of $107.8 million. Iris Energy Decreased Mining Power Amount The business said the divisions generate inadequate cash flow to meet their specific debt financing commitments. The organization makes a monthly gross profit of about $2 million in bitcoin but cannot The post Iris Energy to Reduce Mining Equipment After Failing $108M Loan Debt appeared first on Cryptoknowmics-Crypto News and Media Platform .
