Iris Energy shuts down some mining machines as collateral for $107.8 million in debt

ChainCatcher news, according to The Block, Bitcoin mining company Iris Energy has shut down most of its mining machines, which will serve as collateral for its $107.8 million debt, releasing approximately 90 MW of power capacity. After shutting down about 3.6 EH/s of machines, its hash rate is now approximately 2.4 EH/s, including 1.3 EH/s of machines in transit or awaiting deployment and 1.1 EH/s of operating machines.

An Iris Energy spokesperson stated, "The shutdown of these mining machines is aimed at prudent risk management to protect the group's established core business and data center infrastructure (i.e., without the guarantee of the parent company and without seeking assistance from any other group entities)." The company added that there are no other outstanding debts. As of October 31, Iris Energy had $53 million in cash and cash equivalents.

ChainCatcher previously reported that Bitcoin mining company Iris Energy is facing a default claim on a $103 million equipment loan. (The Block)