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Iris Energy will spend $19.6 million to buy 7,000 Bitcoin miners

Australian mining company Iris Energy will increase its Bitcoin mining capacity from 5.6 EH/s to 7 EH/s - an increase of 25% - after purchasing new miners from Bitmain.

The company has entered into an agreement with a Chinese manufacturer to purchase 7,000 latest-generation Antminer S21 devices for $19.6 million. Delivery is expected in early 2024.

Of the total transaction amount, Iris Energy will make an advance payment of $16.7 million before shipment, and will pay the remaining $2.9 million with a deferment of up to a year.

Miners will cost the company $14 per TH/s. According to the Hashrate Index, market quotes for devices with energy consumption levels of less than 25 J/TH at the time of writing are $15.95 per TH/s.

According to the statement, Antminer S21 provides energy efficiency of 17.5 J/TH, which is the best in the industry.