Iris Energy Raises $71m in Debt Issuance

Iris Energy raised $71 million in debt issuance for new Bitcoin mining equipment.

According to a statement, the Australia-based Bitcoin mining firm won the deal with an NYDIG subsidiary. Iris Energy used 19,800 Bitmain S19j Pro miners to secure the loan. It has a 25-month term and an 11% interest rate.

Previously, Iris Energy had raised over $500 million in funding. While last year the company received $115 million in debt issuance. The company got the fund before upsizing its initial public offering on Nasdaq to $231 million.

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

“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. 

The company owns a large crypto mining centre in upstate New York. It plans to increase its data centre capacity to 4.7 EH/s this year, “with the vast majority of the capacity expansion focused outside of the company’s original site in New York,” according to a statement.

Likewise, Greenidge Generation Holdings secured a similarly structured $100 million financing round to help in enlarging its operations in the U.S., Blockchain.News reported.

The total sum included $81.4 million as a loan from an affiliate of NYDIG and $26.5 million as a promissory note with a cohort of B. Riley Financial, Inc.

Greenidge claims to be the “first and only carbon neutral, vertically integrated power generator and Bitcoin miner of scale in the United States.”

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