Bitcoin miner Iris Energy secures $71 million in equipment financing

The Australia-based bitcoin mining company Iris Energy has raised $71 million in debt issuance for new equipment.

The company secured the deal with an NYDIG subsidiary, according to a statement released on Monday. The company used 19,800 Bitmain S19j Pro miners to secure the loan, which has a 25-month term and an 11% interest rate.

Iris Energy has previously raised over $500 million in funding, as per the statement. Last year, it got $115 million in debt issuance, before upsizing its initial public offering on Nasdaq to $231 million.

According to the statement, the company is looking to “take advantage of a strong balance sheet” and seek more funding opportunities in the future.

“We look forward to formalizing additional loan facilities as miners continue to be delivered and installed,” Daniel Roberts, co-founder and co-CEO of Iris Energy, said in a statement. 

Last week, Greenidge announced a similarly structured $100 million financing round.