Bitcoin miner Iris Energy faces $103M default claim | The Financial Express

Bitcoin miner Iris Energy faces $103M default claim

Iris Energy, headquartered in Australia, is known for operating primarily Canadian Bitcoin mining facilities that use 100% renewable energy.

Bitcoin miner Iris Energy faces $103M default claim
In October, the company's average mining hash rate was 3.9 EH/s, accounting for about 1.5% of the Bitcoin network's mining capacity

Bitcoin (BTC) miner Iris Energy says it has received a default notice from mining rig manufacturer Bitmain Technologies, according to a new filing with the US Securities and Exchange Commission on Monday, Cointelegraph noted.

According to the notice, Iris Energy failed to “engage in good faith restructuring discussions” regarding certain principal payments due on November 8. Furthermore, Iris Energy received a separate notice from creditors last week alleging that it “failed to maintain sufficient insurance,” which would result in default if not remedied within 10 days, Cointelegraph further stated.

Iris Energy, headquartered in Australia, is known for operating primarily Canadian Bitcoin mining facilities that use 100% renewable energy. In October, the company’s average mining hash rate was 3.9 EH/s, accounting for about 1.5% of the Bitcoin network’s mining capacity, Cointelegraph further stated.

According to Iris Energy, the three debt facilities at issue are $1 million, $32 million, and $71 million in equipment financing loans secured by Bitcoin miners with 0.2 exahash per second (EH/s), 1.6 EH/s, and 2.0 EH/s.

(With insights from Cointelegraph)

Also Read: Russia’s Central Bank report examines crypto’s place

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First published on: 08-11-2022 at 11:13 IST