<p><span style="font-weight: 400;">Bitcoin mining data center operator Iris Energy Limited may soon be in default on more than $100 million in debt and is looking to refinance that obligation.<br /> <br /> Payments on two groups of financed bitcoin miners operated by Iris Energy fell beyond the capacity of the income the miners currently provide, in what may become a standoff with lenders.</span></p> <p><span style="font-weight: 400;">The miners in question are financed to the tune of $103 million, an amount that lenders may declare immediately due if a payment is not made by a prior arranged Nov. 8 deadline. It is a payment that Iris is not expected to make, according to a <a href="https://www.sec.gov/Archives/edgar/data/1878848/000114036122039464/brhc10043621_ex99-1.htm">filing</a> with the Securities and Exchange Commission (SEC), which showed the miners generate $2 million BTC a month, insufficient to offset a monthly $7 million financing payment.</span></p> <p><span style="font-weight: 400;">Iris is in talks with lenders to restructure the financing, however if the terms of the debt are not modified, a default will occur. Lenders may seize mining equipment to recoup the debt, which may affect ongoing operations, the company said.</span></p> <p><span style="font-weight: 400;">Iris reported it still has $53 million in reserves, and that a portion of the company’s miners and data center capacity and development pipeline remain unaffected by the financing arrangements.</span></p> <p><span style="font-weight: 400;">Iris indicated that if an equipment foreclosure occurs it may seek third-party data hosting and self-mining opportunities.</span></p><br /><span class="copyright"><p>© 2023 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.</p> </span>