Iris Energy Acquiring Bitmain T21 Miners to Expand its Mining Capacity
In preparation for the upcoming Bitcoin halving, the crypto miners have been pursuing ways to optimize mining activities. The attempt to double down mining operations during the Bitcoin halving has forced miners to invest in increasing the hash rates.
Iris Energy, the prominent renewable Bitcoin miner, has revealed plans to increase the hash rate by acquiring new mining rigs Bitmain version T21 next year.
Iris Energy Acquires New Mining Rigs
In the publication, the Australian-based crypto-miner anticipates increasing the hash rate to 10 exahashes per second (EH/s) in 2024. It implies that Iris Energy plans to double the hash rate in readiness for the upcoming Bitcoin halving.
A recent report demonstrated that the Iris Energy operational capacity reached 5.6 EH/s in December 2023. According to the report, the Iris team has sealed a sale deal with Bitmain for the acquisition of T21 miners.
The Iris team anticipates that by Q2 of 2024, the Bitmain team will dispatch the shipment. The delivery of Bitmain T21 mining rigs to Iris Energy will coincide with the long-awaited Bitcoin halving.
For years, Bitcoin halving has been marked as a historical event in the crypto sector where the supply of the world’s largest crypto asset by market capitalization decreases by half. Based on the previous Bitcoin halving charts, if the supply of Bitcoin decreases, the price for BTC will increase.
Therefore, the changes in demand and supply for BTC post the halving have forced the Iris team to invest in increasing the production.
Miners Seeks to Increase Hash Rates Ahead of the Upcoming Bitcoin Halving
According to the publication, the Iris team will purchase the new mining rigs at $22.3 million. The acquisition of Bitmain T21 mining rigs will not only increase Iris’ mining capacity but also increase its mining efficiency from 29.5 joules per terahash (J/TH) to 24.8 J/TH.
This will be attained by installing Bitmain Miners version S21 in early January. The report indicated that apart from the Bitmain miners T21, the company plans to integrate Bitmain S21, which will generate 1.4EH/s.
The expected integration of Bitmain mining rigs aligns with Iris’ earlier plans to expand its mining operation capacity. In June, the Bitcoin miners revealed plans to expand their 80MW Texas-based data center, Childress.
Miners Shift to Sustainable Crypto Mining
A review of Iris’ expansion plan demonstrated that the Bitcoin miners plan to establish a 100 MW data center at Childress. The establishment of new data center aims to increase the mining capacity by an additional 500MW.
The expected development at Iris Energy seeks to position the Bitcoin miner as a tech-centric entity. Recently, the Iris team purchased 248 state-of-the-art Nvidia H100 GPUs worth approximately $10 million.
At that time, the Iris team confirmed that the Nvidia GPUs will be integrated by Q4 of 2023. Primarily, the acquisition of new mining rigs aimed at enabling Iris to maximize Bitcoin production through renewable sources of energy.
A review of the Iris Energy website demonstrated that Bitcoin miners have multiple data centers in North America, including Canal Flats and Mackenzie. Also, the crypto miner have an operational data center at Prince George in Canada. The publication demonstrated that most of Iris’ data centers are powered by renewable sources of energy, including wind, solar, and hydroelectric power plants.
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