Iris Energy – an Australian crypto mining company whose main purview is the operation of BTC mining sites in Canada running on renewable energy exclusively – has recently ceased mining in two subsidiaries.
Nevertheless, the firm still maintains that its business continues to be profitable.
Immediate Repayment of Loan Demanded
The subsidiaries operating as Special Purpose Vehicles (SPVs) used Bitmain mining rigs financed by a $107.8 million loan from the New York Digital Investment Group (NYDIG), reads the company’s statement. Unfortunately, the crypto winter has shattered the faith many investors had in cryptocurrencies, leading to a demand for immediate repayment of the loan.
Due to a combination of adverse market conditions, an increase in mining difficulty as well as in the price of electricity, and the value of BTC itself dropping, the crypto miners in question saw a far smaller return on investment than previously expected.
Fortunately for Iris Energy, the machines purchased
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