The Bitcoin mining company that warned last week has failed

The Bit Journal Editor
By The Bit Journal Editor 2 comments
2 Min Read
Bitcoin mining farm. IT hardware. Electronic devices with fans. Cryptocurrency miners.

Bitcoin Mining Firm Iris Energy said it received a notice of default for more than $100 million in debt.

According to a filing with the US Securities and Exchange Commission on Monday, the announcement of the lender of the mining company on Nov. 4 is because the company did not enter into “proper organizational terms.” faith” for the debt. The current dispute started as the payment to the two mining companies operated by Iris Energy exceeds the profits that the miners can currently generate.

The company said the two groups still have a total of $103 million in debt. The mining group does not accept the claim of the lender. On the other hand, obviously, no further financial support will be given if the borrower refuses to accept the changed terms. The statement said that this means that miners will not be paid tomorrow.

Advertisement Banner

Bitcoin mining company warned last week

Bitcoin mining companies warned of a possible default notice last week. It showed that the company generates $ 2 million worth of BTC per month, which is not enough to pay the monthly salary of $ 7 million.

The company also said in its filing last week that operations may be affected if the lender seizes the mining equipment to collect the debt. It has also been shown that if resources are seized, opportunities may be sought for self-disclosure and third-party data acceptance. According to today’s statement, Iris Energy and its subsidiaries have $53 million in the bank.

Share This Article
2 Reviews