Iris Energy mined 10% more bitcoin in May

Bitcoin • June 7, 2022, 3:33PM EDT

Iris Energy reported a 10% increase in Bitcoin mined during May (totaling 151 BTC), over the previous month.

The company also said in a statement Tuesday that its average operating hash rate rose to 1,165 petahash per second, representing a roughly 12% increase.

That is despite the Bitcoin network difficulty going up by 5.56 % on April 27 and 4.89% on May 11, according to BTC.com.

Iris Energy's revenue was $4.9 million. The company indicated that it was considering additional debt similar to the $71 million it secured with NYDIG in equipment financing.

"The Company remains focused on prudently assessing various options and ensuring that any decisions consider an appropriate long-term capital structure for the Company," the statement said.

The company's developments in Mackenzie and Prince George also remain on track to reach 1.5 and 1.4 exahash per second, respectively, by the third quarted of 2022, per the statement.

About Author

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).