Iris Energy Expands Bitcoin Mining and High-Performance Computing Efforts
Iris Energy, a Bitcoin mining company that caters to large institutions, has announced its ambitious plan to increase its mining capacity significantly. Currently mining at 5.6 exahashes per second (EH/s), the company aims to increase it to a staggering 9.1 EH/s.
Iris Energy Set For Unprecedented Growth
The company made an announcement at the same time it revealed its plan to renew its high-performance computing (HPC) data center strategy, which is a significant move in the unstable crypto market. Iris Energy is renowned for being a Bitcoin miner that solely uses renewable energy sources and can effectively capture and utilize unused renewable energy. This impressive achievement adds weight to the company's decision to take a big leap forward.
Iris Energy is making progress with its initial expansion efforts. They are currently working on constructing a data center that will generate 80MW in Childress, Texas. Moreover, they plan to add four more data centers that generate 20MW each. The entire project is expected to be completed by early 2024 and will increase capacity by a whopping 63%.
Iris Energy is planning to boost its capacity by adding 100MW in its second expansion phase. This will improve the hash power and reach an impressive 13.6 EH/s in the near future. Although the company is primarily focused on constructing data centers, it is open to adjusting timelines for purchasing miners based on funding and market conditions.
"Maximizing AI Integration In High-Performance Computing"
The HPC scheme of Iris Energy shows a positive shift towards the rapidly-growing artificial intelligence (AI) field. As the AI industry continues to expand rapidly, there will be a significant rise in the demand for data center areas customized for AI, reaching a predicted $76 billion by 2028. An extensive time of analysis for this approach commenced around three to four years ago, with a strategic cooperation with Dell Technologies in March 2020 to develop conceivable data center solutions intended for energy-demanding computing applications.
Iris Energy reduced its output in November 2022 due to the bear market hitting rock bottom. Smaller Bitcoin mining companies are having a harder time keeping up with the competition, as hash rates continue to soar to new heights. According to Bitinfocharts, the average hash rate is currently at 354 EH/s, reaching its peak at 433 EH/s on June 11th, and has grown an astounding 32% this year.
The level of difficulty in Bitcoin mining has risen significantly, indicating a cut-throat competition among miners. The scale has topped a new high of 52.35T. However, this hike doesn't guarantee bigger profits in this domain.
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