Iris Energy, an Australian-based Bitcoin mining company, recently raised about $413.4 million in a share offering to fund its expansion following the Bitcoin halving.
The Nasdaq-listed company raised money by selling 39.8 million shares between May 15 and June 28, the company said Monday. namefirst Reported According to TheMinerMag, the company’s 2024 expansion plans are fully funded with $425.3 million in cash reserves, including market proceeds due in July, and no debt.
According to the press release, Iris Energy plans to expand operations to reach 30 EH/s in hash rate capacity and 510 MW in data center capacity. The additional cash buffer will be used to finance expansion through 2025, future contracts for additional power capacity, and potential power monetization activities.
Many Bitcoin mining companies have been working to expand their revenue and mining capacity. April Bitcoin HalvingThis resulted in a 50% reduction in miner rewards.
Iris Energy reported $53.4 million in Bitcoin mining revenue in the first quarter of this year, up from $42 million in the fourth quarter of 2023, according to its latest report. Quarterly ReportAccording to the report, the company’s net income after income taxes expanded to $8.6 million in the first quarter of this year, compared with a loss of $5.2 million in the previous quarter.
Iris Energy’s stock closed up 11.78% on Monday and is up 85% so far this year, according to Google Finance.
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