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Iris Energy, a bitcoin miner, has reported record earnings and plans to expand.

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Iris Energy is an Australian crypto mining firm with offices in British Columbia, Canada. Since it went public last year, the company’s 1st FQ results are nothing short of phenomenal. The company reported that it mined 364 BTC in the second quarter of the fiscal year ending Dec. 31st, 2021. Its mining activity was 51% higher than the first.

The company’s revenues were $20 million. This figure is 93% higher than the previous quarter and the gross amount. This jump and the high gains are due to a 97% jump in the mentioned quarter. The company’s hashrate operations jumped to 685 in PH/s resulting in the mining of 364 bitcoins. This along with high bitcoin prices resulted in better-than-expected profits.

Iris Energy announced that it is proceeding with construction at its BC, Canada facility in Mackenzie and ahead of schedule. It has commissioned the first 0.3 EH/s to start in Q2 of 2022 and will go up to 1.5 EH/s by Q3. Another facility in Prince George BC is also on schedule to deliver the required EH/s capacity for mining by Q3 2022.

Iris Energy is expected to become one of the biggest bitcoin mining company with hardware to the tune of 15EH/s. Facilities will be connected to a grid which will provide 765 MW of power. This news was announced in a statement by founder, Daniel Roberts. Iris also announced that it had signed an agreement to provide 600 MD of power for its operations.

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