Bitcoin miner Iris Energy reports revenues down 27% in June

Quick Take

  • Iris Energy said that mining revenues were down by 27% in June month-over-month.
  • The bitcoin miner intends to reach a hash rate of 4.3 EH/s by the end of the year but has delayed plans to go beyond that.

Iris Energy reported a mining revenue of $3,546,000 for the month of June — down roughly 27% from the previous month.

The company's average hash rate remained at the same level (1.165 exahash per second), while revenue from each bitcoin mined went from $32,264 in May to $23,925.

Bitcoin lost about a third of its value last month, and was trading at roughly $21,000 at the time of publication, according to Coinbase data.

Iris Energy mined a total of 148 BTC in June. The company said that it intends to continue liquidating daily bitcoin mined, pointing out that that has been its strategy since the start.

The also company expects to reach 4.3 EH/s by the end of 2022 but has also said that plans to expand beyond that goal might be delayed due to current market conditions.

Per the statement, Iris will "defer major additional capital expenditure until the current market uncertainty subsides and financing terms improve."

The company has a series of sites under development, two in Canada and one in Texas.


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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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).

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