Iris Energy, a Bitcoin mining company, has increased its hashrate to 9 EH/s and plans to increase it to 20 EH/s by the end of the year

Iris Energy Limited (NASDAQ:IREN), a Bitcoin miner, recently disclosed that it has increased its total hashrate to 9 EH/s, expects to reach 10 EH/s by May, and plans to expand to 20 EH/s by the end of the year. In addition, Iris is preparing to increase the efficiency of its mining machines to 21.9 J/T. Iris also stated that if the Childress Phase 3 project is completed within this year, an additional 50 MW of capacity will be added. By the end of 2024, this expansion will increase the company's data center capacity from 460 MW to 510 MW. The upcoming 50 MW increase will come in part from a new substation design, coupled with the company's continued enhancement and efficiency of its construction and procurement processes. After the halving, miners are facing challenging times, as the expected value of revenue per PH/s per day, which previously exceeded $100 (hashprice), has now dropped to $48.62. To mitigate some of the losses, mining companies like Iris have expanded into providing artificial intelligence (AI) computing data services. (Bitcoin.com)