Iris Energy doubles hash rate after reaching 50 megawatts at Mackenzie site

Quick Take

  • Iris Energy doubled its hash rate by completing the second phase of development at its Mackenzie site, in Canada.
  • The miner expects to add an additional 1.4 EH/s by the end of the month at Prince George, Canada.

Bitcoin miner Iris Energy doubled its hash rate to 2.3 exahash per second (EH/s) after completing phase two of its Mackenzie site, in Canada, last Friday.

The company expects to add an additional 1.4 EH/s (or 50 megawatts in energy capacity) by the end of the month at its site in Prince George, Canada, according to a statement on Monday. This will bring its total hash rate up to 3.7 EH/s.

"We are particularly pleased to continue our track record of delivering projects on schedule, despite the current market backdrop and ongoing international supply chain challenges," co-founder and co-CEO Daniel Roberts said.

Iris Energy announced recently that it was increasing its expected total operating capacity from 4.3 EH/s to 6.0 EH/s by the end of the year.

The second phase of the Mackenzie site was initially expected to be completed by the end of the third quarter of this year. The facility should be operating at full capacity (80 megawatts) by the end of the fourth quarter.

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 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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