Iris Energy Grows to 6 EH/s Amid Market Challenges

In the Bitcoin mining industry, Iris Energy has recently reported significant growth in its operations.

The firm on Nasdaq in EH/s has advanced its productivity capacity to 6 exahash per second. This trend comes in a targeted display of mining hardware, considered a very important point on Iris Energy’s growth curve.

The firm has put a lot of money into the ASIC mining rigs. Among these orders, the Bitmain S21 Antminers acquired on October 20th were notable purchases. Iris Energy further strengthened its commitment to growing its capacity by adding 8,380 T21 Antminers in December.

Iris Energy targets a high objective. 4 exahash per second EH/s are estimated to go live by the first half of 2024. Their ultimate objective is spectacular, targeting a 20 EH/s ability in the second part of 2024. That objective coincides with a recent contract of 10 EH/s Bitmain T21 miners.

Iris Energy’s shares (IREN) lost momentum earlier this year, the share value fell by 47.2% against the U.S. dollar.

However, as reported by TheMinerMag.com, they have collectively lost close to $ 6 billion since the beginning of this year alone. However, the volatile nature of cryptocurrency mining is reflected in this comparison between the operational success and market performance.

Also read: Iris Energy Revolution Harnessing Bitcoin Mining