Bitcoin mining company Iris Energy received a debt default notice exceeding $100 million

ChainCatcher news, Bitcoin mining company Iris Energy has received a default notice for $103 million in unpaid debt, primarily due to the inability of the two financed Bitcoin mining companies it operates to generate sufficient income for the miners. Iris Energy stated that it does not intend to provide financial support to the miners if the lenders refuse to negotiate a new loan agreement, and warned that the company's operations could be affected if the lenders seize the mining equipment to recover the debt.

Earlier in early November, Iris Energy indicated that the mining equipment owned by its special purpose vehicle (SPV) was unable to generate enough cash to meet its financing obligations, and that the market value of this equipment "is significantly lower than the principal amount of the related loans." (source link)