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Green Aussie bitcoin miner in peril as lenders call in debts


“The company intends to provide an investor briefing in December 2022, providing a more fulsome update on the company’s go-forward opportunities and business strategy.”

Founded by Sydney brothers Daniel and Will Roberts in 2018, Iris has since attracted a bevy of high-profile local investors – including Wilson Asset Management, Regal Funds, as well as Waislitz – with a pitch aimed to attract both crypto-curious and ESG-conscious investors.

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As a bitcoin miner, Iris’s main operations involve huge banks of high-powered computers crunching increasingly complex maths equations, a process that powers the millions of transactions sent on the cryptocurrency’s network and also releases new coins into circulation. Iris makes money by collecting a portion of the new coins issued, and through the transaction fees paid by bitcoin users to miners for facilitating transactions.

However, where many miners globally use dirty energy sources such as coal to power these operations, Iris powers its sites primarily through renewable energy, placing its data centres in regions where renewables are abundant, such as British Columbia and Texas.



Read More: Green Aussie bitcoin miner in peril as lenders call in debts

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