Published: 30.03.2022
Article reading time:
1 minute.
The Australian company Iris Energy announced plans to purchase new mining equipment for $71 million.
The funds were provided by a subsidiary of the American company NYDIG. Iris Energy used its current equipment to secure the loan. 19,800 Bitmain S19j PRO devices were pledged. The term of the loan is 25 months, and Iris will pay NYDIG 11% per annum for the use of funds.
As co-founder and co-CEO of Iris Energy, Daniel Roberts, noted, the company is using its relatively strong financial results to pay off the loan:
“We look forward to formalizing additional credit lines as mining devices continue to be delivered and installed.”
Earlier, Iris Energy received $500 million from third-party investors and also issued IOUs for $231 million.
Earlier, the Canadian mining company Bitfarms reported that its revenue for the year increased by 428%. Revenue for the quarter increased 33% to $60 million. Revenue for the year increased 426% to $169.5 million.
Source: Bits
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