September 29, 2022

Iris Energy Raises $71M in Debt Funding to Buy New Bitcoin Miners

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Australian company Iris Energy has raised $71 million in debt financing to buy new mining equipment.

In partnership with NYDIG, the company used 19,800 Bitmain S19j Pro miners as collateral for a 25-month loan at an interest rate of 11%.

According to the information submitted to the SEC, the total amount of financing raised by Iris Energy amounted to $500 million.

The mining company is focused on renewable energy sources. Iris Energy shares are traded on the Nasdaq under the ticker symbol IREN.

Recall that in January, Iris Energy entered into an agreement with AEP Texas to connect a data center for bitcoin mining with a capacity of 600 MW to the power grid in Texas.

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