Iris Energy received $2.3 million to curtail bitcoin mining at Texas site in August

Sustainable bitcoin miner Iris Power reported receiving $2.3 million in energy credit final month, primarily pushed by voluntary curtailment at its Childress web site in Texas throughout peak demand.

The corporate mined 410 bitcoin, making a income of $11.4 million, in keeping with its newest investor replace for August. It spent $6.6 million on electrical energy, which was diminished to $4.3 million because of the credit.

This resulted in a revenue of $7.1 million, averaging out at $17,300 revenue per bitcoin.

Mining bitcoin with renewable power

Round 97% of the facility used for its mining operations come immediately from renewable power sources, whereas the remaining 3% come through renewable power credit.

Iris Power situates its mining operations close to renewable power sources, comparable to hydro energy stations. Within the case of its Canal Flats operation, it absorbs a number of the energy station’s extra capability.

“Power market volatility (e.g. numerous wind, photo voltaic, climate occasions) and our tech stack then dynamically buying and selling bitcoin mining profitability towards electrical energy market pricing. I.e. mechanically pivoting between highest and greatest use of our energy,” mentioned Iris Power co-founder and co-CEO Daniel Roberts, in response to a question in regards to the power prices on X (previously Twitter).

The facility credit have been obtained as a part of a state program in Texas that provides power credit to bitcoin miners to decrease their power use in periods of congestion on the grid. Rival bitcoin mining agency Riot Platforms obtained $31.7 million for equally lowerering its utilization in August.

Final month, Iris Power additionally introduced an preliminary buy of 248 NVIDIA synthetic intelligence H100 GPUs for round $10 million. Whereas bitcoin mining stays its core operation, the corporate mentioned next-generation information facilities serving burgeoning computing markets like generative AI signify a further alternative.

Common bitcoin miner income per TH/s has fallen 40% since Might, in keeping with The Block’s information dashboard — coinciding with a fall within the value of bitcoin and the growing complete hashrate on the community.

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