Bitcoin (BTC) miner Iris Energy is reportedly at risk of imminent default due to the disruption of its cash flow.
For mining equipment and operational expenses 103 million Iris Energy, which received a dollar loan, November 8 payment for the loan due on inability to in case of in default may fall. According to the agreements, if the payment is not made on the relevant date, the creditors all credit back call has the right.
Two Bitcoin mining businesses under the management of Iris Energy to the detriment It is not known how much longer the company can bear this loss as it continues to operate. The company’s 2 November on to the US Securities and Exchange Commission (SEC) In his statement, it was seen that mining enterprises produced $ 2 million Bitcoin in October, while operating costs were equivalent to about $ 7 million.
The company’s restructuring It is known that he is in talks with creditors to evaluate his options. However, if the loan terms are not changed, the creditors mining to your equipment in exchange for debt hand can put.
On the other hand, Iris Energy 53 million dollar Reserved owner that and of miners, part of data center capacity and development pipeline of these financing arrangements. not affected stated. In addition, in case of company equipment lien, third-party data hosting and self-mining opportunities for the industry that you can evaluate stated.