Bitmain T21 Mining Rig Order to Double Hash Rate for Iris Energy in 2024

Iris Energy Increases Hash Rate to 10 Exahashes Per Second

Renewable Bitcoin (BTC) mining firm Iris Energy is set to reach 10 exahashes per second (EH/s) in 2024, with the acquisition of new Bitmain T21 mining rigs. The Chinese manufacturer’s hardware will also improve the efficiency of Iris’ operations from 29.5 joules per terahash (J/TH) to 24.8 J/TH.

Iris announced the purchase of 1.6 EH/s of Bitmain T21 miners, to be delivered in the second quarter of 2024. To date, the company has 5.6 EH/s of operational capacity as of December 2023.

In order to reach its goal, Iris has invested $22.3 million in the Bitmain hardware, pricing it at $14 per terahash. Additionally, the firm is expecting to bring 1.4EH/s of mining output by powering up a previous order of Bitmain S21 miners in the first quarter, as well as an additional 1.3 EH/s from a different batch of Bitmain T21 miners.

Iris Expands Data Center Operation

In June 2023, Iris announced an 80-megawatt (MW) expansion of its Childress data center operation in Texas. The company has stated that additional operational capacity will be available from January 2024, allowing for an increase in its operating hash rate up to 10 EH/s as it receives new hardware from Bitmain.

Iris is also planning to build another 100 MW of data centers at the site, which is made possible by providing an additional 500 MW of power capacity that is already available to the operation.

The company, which has mainly been focused on Bitcoin mining, has extended its data center to accommodate the increasing demand for generative artificial intelligence computing. In August, Iris invested $10 million to purchase 248 state-of-the-art Nvidia H100 GPUs, which are expected to be delivered by the end of 2023.

Iris currently operates data center facilities in various locations across North America, including Canal Flats, Mackenzie, Prince George in British Columbia, Canada and its Childress site in Texas.

Iris states that its four operations are powered by 100% renewable energy sources, such as wind, solar and hydroelectric. On its website, it is noted that 98% of its three Canadian sites are powered by renewable energy, while the rest is offset by the purchase of renewable energy certificates.

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