Bircoin miner Iris Energy posts $144 million net loss

Mining

Iris Power posted a web lack of $144 million, primarily as a result of a $105.2 million non-cash impairment cost associated to its tools financing, and mentioned it mined fewer bitcoin within the quarter ending in December.

The corporate posted income of $13.8 million, topping the $13.3 million common estimate of analysts compiled by FactSet.

Shares of Iris Power had been decrease in post-market buying and selling after closing up by 67% throughout the common session.

“2022 was a difficult yr for the digital property trade in addition to broader fairness markets,” mentioned Daniel Roberts, co-founder and co-CEO of Iris Power. “Wanting ahead, we imagine we’re properly positioned to capitalize as markets proceed to enhance.”

The corporate lately introduced plans to scale its hashrate again up after unpluggingabout 3.6 EH/s value of machines in November in response to a default discover from a lender on greater than $100 million in loans.

After shopping for 4.4 EH/s in machines utilizing Bitmain prepayments, it now plans to develop its hashrate to five.5 EH/s as they’re put in “over the approaching months.”

Iris is debt free after extinguishing its loans on the finish of final yr. The corporate can also be contemplating promoting any surplus miners over 5.5 EH/s of self-mining capability “to re-invest in development initiatives and/or company functions.”