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HomeBTCIris Energy monthly investors update unveils future mergers and acquisitions

Iris Energy monthly investors update unveils future mergers and acquisitions

According to a statement released by Iris Energy on October 7, the Bitcoin mining firm is evaluating the feasibility of various prospects for mergers and acquisitions in the process of formulating its expansion strategies. They also include a variety of additional choices, such as “ongoing organic growth.”

The company inked a contract with the investment banking company B. Riley last month for the option to sell up to $100 million in ordinary shares. The arrangement was for the option only. According to what was said, “The Company continues to monitor financing markets and develop possible financial alternatives.”

Recently, there has been a lot of speculation that the bitcoin mining industry will undergo a period of consolidation. In the meantime, businesses such as CleanSpark have been taking advantage of the current market conditions to acquire thousands of mining machines and mining sites at steeply discounted prices.

Iris Energy was able to achieve a total of 2.729 exam hashes per second (EH/s) in its average operational hash rate for the month of September, which was a month-over-month improvement of 24%. Simultaneously, it mined 325 BTC, an increase of 8% from the previous amount.

According to the statement, this was “due to an increase in the average difficulty-implied global hash rate during the period,” which was also the primary driver behind the increase in the Company’s electricity costs per Bitcoin mined during the month. Both of these factors contributed to the fact that the two were not proportional to one another.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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