Iris Energy is the latest cryptocurrency miner affected by the ongoing bear market.
Iris Energy – an Australian crypto mining company whose main purview is the operation of BTC mining sites in Canada running on renewable energy exclusively – has recently ceased mining in two subsidiaries.Immediate Repayment of Loan Demanded
Due to a combination of adverse market conditions, an increase in mining difficulty as well as in the price of electricity, and the value of BTC itself dropping, the crypto miners in question saw a far smaller return on investment than previously expected. Although this is enough to keep the business chugging along, it is suboptimal when taking into account the operational costs planned during better days.
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