Iris Energy’s December Hashrate Rises 14% as Revenue Falls Again

The Australian miner continues to build out mining capacity in Canada.

AccessTimeIconJan 11, 2022 at 2:04 p.m. UTC
Updated May 11, 2023 at 7:14 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Nasdaq-listed Iris Energy’s (IREN) average hashrate was up 14% month on month in December 2021 while operating revenue fell 6.4%, the company disclosed in a Tuesday filing with the U.S. Securities and Exchange Commission (SEC).

  • The miner’s computing power on the bitcoin network reached 748 petahash per second (PH/s) in December, compared with 657 PH/s in November. The Australian firm attributed the increase to the installation of 1,666 rigs of the Bitmain Antminer S19j Pro that replaced older machines at its Canal Flats, British Columbia, site.
  • Iris Energy mined 124 bitcoins in December compared to 113 bitcoins in November.
  • During the same period, operating revenue in U.S. dollars fell 6.4% to $6.2 million as revenue per bitcoin mined plunged to 14.8% and cost of electricity per bitcoin mined increased by 4.6%. The company attributed the revenue drop to losses in the price of bitcoin and increased difficulty in mining.
  • Iris Energy saw a 10% drop in revenue in November.
  • As of writing, shares of Iris Energy were up 0.81% in pre-market trading.
  • Two new sites in British Columbia will bring in a combined 3.9 exahash per second (EH/s) when operational, Iris Energy said. One site in Mackenzie will deliver 1.5 EH/s in 2022, with the first 0.3 EH/s expected in the second quarter of 2022. Another site in Prince George will deliver 1.4 EH/s in the third quarter of 2022, expanding to 2.4 EH/s sometime in 2023, according to the statement.
  • In addition to these two mines, Iris Energy is developing sites that will bring in 10.6 EH/s when completed, it said. The miner is expecting 138,574 Antminers to ship by the third quarter of 2023, the filing said.
  • The company claims its crypto mining operations are “100% renewable since inception” because they use 98% renewable energy and the rest is made up for by the purchase of Renewable Energy Certificates.
  • What's the Biggest Misconception People Have About Bitcoin Mining?
    What's the Biggest Misconception People Have About Bitcoin Mining?
  • Australia Moves on a Spot Bitcoin ETF; Franklin Templeton on Bitcoin NFTs
    Australia Moves on a Spot Bitcoin ETF; Franklin Templeton on Bitcoin NFTs
  • What You Need to Know About the Bitcoin Halving
    What You Need to Know About the Bitcoin Halving
  • Coinbase Expands Crypto Services Into Canada
    Coinbase Expands Crypto Services Into Canada

  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eliza Gkritsi

    Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.