Bitcoin miner Iris Energy secures $71 million in equipment financing

Mining • March 28, 2022, 7:08PM EDT

The Australia-based bitcoin mining company Iris Energy has raised $71 million in debt issuance for new equipment.

The company secured the deal with an NYDIG subsidiary, according to a statement released on Monday. The company used 19,800 Bitmain S19j Pro miners to secure the loan, which has a 25-month term and an 11% interest rate.

Iris Energy has previously raised over $500 million in funding, as per the statement. Last year, it got $115 million in debt issuance, before upsizing its initial public offering on Nasdaq to $231 million.

According to the statement, the company is looking to “take advantage of a strong balance sheet” and seek more funding opportunities in the future.

“We look forward to formalizing additional loan facilities as miners continue to be delivered and installed," Daniel Roberts, co-founder and co-CEO of Iris Energy, said in a statement.

Last week, Greenidge announced a similarly structured $100 million financing round.

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Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).