Bitcoin miner Iris Energy revenue falls 27% in December
Quick Take
- Bitcoin mining firm Iris Energy saw a 27% decrease in operating revenue in December from November.
- The news comes after Iris Energy unplugged miners used as collateral for $100 million of debt.
Bitcoin mining firm Iris Energy reported that its operating revenue declined 27% in December compared to the previous month to $2.1 million — reflecting the first full month of operations after terminating some hosting arrangements.
The firm mined 19% less bitcoin in December, with its average operation hashrate falling 25% to 1,086 PH/s. Operating capacity increased 30% over the period to 1.5 EH/s in that time.
Iris Energy said it held $39 million in cash at the end of the calendar year with no debt.
The investor update comes after Iris Energy unplugged miners that were used as collateral for $100 million of debt on Nov. 21. Based in Sydney, Australia, the company says it uses 100% renewable energy to power its mining rigs.
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