Bitcoin Miner Iris Energy Gets $71M Equipment Financing From NYDIG

The financing is backed by 19,800 Bitmain S19j Pro miners that have hashrate of about 1.98 exahash per second.

AccessTimeIconMar 28, 2022 at 1:35 p.m. UTC
Updated May 11, 2023 at 5:57 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

Australian bitcoin miner Iris Energy (IREN) has secured $71 million in equipment financing from institutional bitcoin broker NYDIG.

  • The financing is backed by 19,800 Iris Energy’s Bitmain S19j Pro miners, that have a hashrate of about 1.98 exahash per second (EH/s), and it has a 25-month term with a 11% per annum interest rate, the company said in a statement on Monday.
  • Iris Energy had an average operating hashrate of 844 petahash per second in February and plans to reach 10 EH/s by early 2023. It also has secured a total of 15 EH/s worth of mining machines.
  • The miner said it still has about 10 EH/s of the company’s total stock of miners that remain unencumbered, which provides the company flexibility and option to secure additional non-dilutive funding.
  • “This is our third equipment financing facility together [with NYDIG] and we look forward to formalizing additional loan facilities as miners continue to be delivered and installed,” said Daniel Roberts, co-Founder and Co-CEO of Iris Energy.
  • The financing comes as crypto miners are looking to get creative with their capital needs, including raising funds through bitcoin-backed loans and asset-backed loans that are tied to the companies’ mining rigs.
  • Iris Energy’s stock has fallen about 5.5% this year, while bitcoin has declined about 1.2%. The shares of the miner were up almost 3% during early trading on Monday.

Disclosure

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups 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, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets


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 consensus.coindesk.com to register and buy your pass now.