Bitcoin Miner Iris Energy Says Some Machines Aren’t Covering Financing Costs

The company has three special-purpose vehicles specifically for financing the purchase of mining equipment. Together the three have $104 million of debt outstanding. That’s secured against 3.8 exahash per second (EH/s) of mining rigs. The special-purpose vehicles aren’t guaranteed by the parent company, and the lenders have no recourse to the company or any of its assets, Iris Energy said.