Iris Energy’s Hashrate Capacity Soars 63%, Shares Surge 18%

• Bitcoin mining firm Iris Energy has announced its plans to increase its hash rate capacity by 63% to 9.1 EH/s by early 2024.
• Shares of the company rose 18% within a day on Nasdaq from $3.55 to $4.20 following the announcement.
• The company is also considering expanding into energy-intensive computer applications such as artificial intelligence.

Iris Energy’s Expansion Plan

Bitcoin mining firm Iris Energy has announced its plans to increase its hash rate capacity by 63% to 9.1 EH/s by early 2024. The company’s shares rose 18% within a day on Nasdaq from $3.55 to $4.20 following the announcement.

Data Centers

Iris currently owns three data centers located in British Columbia, Canada and one in Texas, U.S., which is the focus of the latest effort. The firm is developing 80MW of data center space for phase 1 of its 600MW plant in Childress, Texas with near-term focus remaining on data center construction and miner purchases subject to market conditions and funding availability .

FTX Debacle Recovery

The Crypto industry is trying to recover from FTX debacle and other crypto mining businesses like Blockstream and CleanSpark have also announced substantial expansions in their mining power this year, as Bitcoin’s price attempts to stabilize at higher levels than before FTX happened .

Computer Applications Expansion

Iris Energy is also considering expanding into energy-intensive computer applications such as artificial intelligence as part of their growth strategy .

Conclusion

In conclusion, it appears that Iris Energy will continue with their expansion plans in order to remain competitive within the industry and capitalize on the recovery that cryptocurrency markets are experiencing after FTX debacle.. With their increasing hash rate capacity and potential expansion into AI applications, they are sure to be a force in the future of cryptocurrency mining technology development and innovation