Australian Bitcoin mining firm Iris Energy Limited has revealed plans to acquire 8,380 cutting-edge T21 miners from Bitmain Technologies Delaware Limited. The estimated value of this acquisition is $22.3 million.

This strategic move is designed to significantly enhance Iris Energy’s self-mining capacity, targeting an impressive 10 EH/s (exahash per second).

Iris Energy’s Strategic Moves

Iris Energy's Strategic Moves

The upcoming deployment of these new-generation T21 miners, expected in the second quarter of 2024, is a pivotal step for Iris Energy.

Furthermore, the addition of T21s, in conjunction with existing S21s, is projected to enhance the overall efficiency of the Bitcoin mining fleet. This improvement is forecasted to reduce energy consumption from 29.5 J/TH to 24.8 J/TH.

Additionally, Iris Energy is actively pursuing its expansion plans, with an 80MW data center expansion underway at Childress. This expansion is scheduled for gradual delivery, starting from January 2024 and extending through Q2 2024. The expansion is integral to achieving the target hash rate increase from 5.6 EH/s to the ambitious 10 EH/s.

Moreover, to facilitate the acquisition, Iris Energy will adhere to a structured payment plan, with the purchase price of the T21 miners set at $14/TH (terahash). This amount will be paid in progressive installments.

Iris Energy’s T21 Miner Acquisition

Iris Energy’s strategic acquisition of T21 miners is in line with its commitment to advancing mining capabilities. Simultaneously, the expansion of data centers underscores the company’s dedication to optimizing operational efficiency.

This aligns with the goal of meeting hashing power targets. Conversely, this forward-looking approach positions Iris Energy as a key player in the evolving landscape of Bitcoin mining.

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