Bitcoin Miner Iris Energy Expands Capacity 25% Ahead of 2024 Halving
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Iris Energy, a Canada-based Bitcoin mining company, announced a 25% increase in its hashrate capacity to 7.0 EH/s.
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The expansion comes from adding 7,000 new S21 miners from Bitmain, costing $19.6 million.
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Increasing hashrate boosts a miner's chances of winning block rewards. After the news, Iris Energy's stock price jumped 9.5%.
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Iris is expanding capacity ahead of the Bitcoin halving in April 2024, which will reduce block rewards.
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The halving may make mining less profitable, so miners are scaling up now to be cost-efficient post-halving.