Just-In: Renewable Bitcoin Mining Firm Iris Seeks $200M in New Funding Round

Iris Energy Pty, a Sydney-based renewable Bitcoin mining firm is looking to raise additional capital before making its debut on Nasdaq. The mining firm was reportedly approached by several blank check companies for SPAC listings, however, the firm turned down those offers as it plans for a direct private listing. The firm said at the time that it doesn’t want to liquidate the holdings of existing shareholders,

According to a person familiar with the matter, the Bitcoin mining firm is looking to raise $200 million from potential investors. The mining company will utilize the raised funds for its listing on the US exchange.

The mining company’s flagship product is a 50-megawatt data center located in British Columbia that makes use of hydropower energy to mine Bitcoin. It aims to reach  15.2 exahash operations per second over the next few years. The demand for clean energy mining could play in its favor and see it raise the target amount.

Chinese Crackdown Helped Bitcoin’s Green Initiative

China’s crypto crackdown over the past few months has not only led to a massive miner migration out of the country, but it has also helped in making the Bitcoin network greener. The majority of crypto mining operations in China were fueled by coal power or other non-renewable sources. The miner exodus to other countries would ensure that the Bitcoin network’s new mining power is green as most of the countries attracting these miners have regulated Bitcoin mining operations with clean energy sources.

A number of crypto firms have gone public this bull season with record valuation and the highest fundraising round in their respective history. Irish Energy had closed another funding round in March this year that was set for $20 million and end up raising $110 million in Canadian dollars. The rising demand for cleaner Bitcoin mining aided with the rising valuation of crypto firms could play in the favor of the mining firm. The firm didn’t comment on the news and even declined to reveal any funding deatils.