Skip to content

Bitcoin Trading News

Trading Digital Currency

Primary Menu
  • Home
  • Bitcoin
  • News
  • Apps
  • Mining
  • Exchanges
  • Brokers
  • Sitemap
  • Home
  • Cryptocurrency/Cryptocoin
  • Creditors Demand $103 Million As A Default Claim From Iris Energy
  • Bitcoin
  • Crypto News
  • Cryptocurrency Mining
  • Cryptocurrency/Cryptocoin

Creditors Demand $103 Million As A Default Claim From Iris Energy

Jose Stork November 8, 2022 2 min read

Iris Energy, a Bitcoin (BTC) mining company has recently submitted a filing at the US Securities and Exchange Commission (SEC).

The filing is pertaining to the miner receiving a default notice from Bitmain Technologies, one of the largest mining rig manufacturers in the entire world.

Iris Energy Served with Default Notice

The notice that Iris Energy has received from Bitmain Technologies is about the miner failing to come up with a plan for principal payments.

The notice clearly states that Iris Energy has not restructured a principal payments structure, which is not a good thing from their end.

In the notice, Bitmain Technologies has added that the payments they are referring to are the ones due on November 8.

Unfortunately for Iris Energy, the notice it has received from Bitmain Technologies is not the only one the firm has received.

It was just last week when the Bitcoin miner received a notice from creditors. The notice from the creditors was about Iris Energy not being able to provide them with sufficient insurance.

The notice also stated that Iris Energy has 10 days from receiving the notice to address and fix the issue. If not, they will have to proceed with constituting a default over the Bitcoin miner.

Iris Energy

Iris Energy is not among the largest Bitcoin mining firms in the crypto-verse but it does contribute to the Bitcoin mining sector.

The firm is based in Australia and the majority of the mining centers it operates are based in Canada. One of the plus points of Iris Energy is that the energy it uses for Bitcoin mining is renewable.

According to statistics, the average mining hash rate Iris Energy was able to maintain was 3.9 EH/s. The total exahash per second Iris Energy generates for Bitcoin mining is 1.5% of the industry’s mining capacity.

Issue Faced by Iris Energy

Just recently, Iris Energy reported that it is generating a significant amount of revenue per month from its mining operations.

The firm reported that on average, they are able to generate around $8.7 million per month from the mining operations. It also added that it has $53 million in cash so there is no problem at all.

The firm recently disclosed that the gross profit they are able to generate on a monthly basis is around $2 million.

As a result, the company is unable to fulfill the monthly interest and principal payments that translate to around $7 million.

In recent months, the firm has also hinted that it has taken a huge negative impact on its business due to multiple factors.

These factors include increasing network difficulty, lower Bitcoin prices, and high costs of electricity.

Continue Reading

Previous: Dogecoin Suffers A 10% Plunge As Twitter Halts Its Work On Cryptocurrency Wallet
Next: As FTX Token Plunges, it also drags Down SOL and Some Other Tokens

Recent Posts

  • Fast Refund Group Review, Fastrefundgroup.com – Is FastRefundGroup Scam Or A Trusted Broker?

    Fast Refund Group Review, Fastrefundgroup.com – Is FastRefundGroup Scam Or A Trusted Broker?

  • Binetrix Review – A Variety of Educational Materials to Help You Trade

    Binetrix Review – A Variety of Educational Materials to Help You Trade

  • Protocol Labs Partnership with Accounting Firm Cryptio to Facilitate Filecoin Miners Go Public

    Protocol Labs Partnership with Accounting Firm Cryptio to Facilitate Filecoin Miners Go Public

  • UniTrust Venture Review – Is This A Versatile Online Trading Brand?

    UniTrust Venture Review – Is This A Versatile Online Trading Brand?

  • Axia review – Is this a legit CFD broker?

    Axia review – Is this a legit CFD broker?

  • TRADE.com Review – What Does This Broker Offer Traders In 2023

    TRADE.com Review – What Does This Broker Offer Traders In 2023

  • TradeSmart Academy Review – 3 Ways It Makes Learning Easy for Traders

    TradeSmart Academy Review – 3 Ways It Makes Learning Easy for Traders

  • Trades Universal Review – A Broker with a Great Vision

    Trades Universal Review – A Broker with a Great Vision

  • Why Choose Copy Trading Over Other Forms of Trading?

    Why Choose Copy Trading Over Other Forms of Trading?

  • Predictions For Big Eyes Coin Are Quite Hopeful

  • A Group Of Influential Us Senators Introduce Legislation Addressing The Crypto Industry

    A Group Of Influential Us Senators Introduce Legislation Addressing The Crypto Industry

  • Bill That Will Strengthen Crypto-money Laundry Regulations

    Bill That Will Strengthen Crypto-money Laundry Regulations

  • BTC Soars To A New Monthly High After The US CPI Report

    BTC Soars To A New Monthly High After The US CPI Report

  • FSB Intends to Establish Cryptocurrency Regulation Rules

    FSB Intends to Establish Cryptocurrency Regulation Rules

  • Ledger Stax With Tony Fadell Joining The Dev Team

    Ledger Stax With Tony Fadell Joining The Dev Team

  • The Crypto Market Is In Bad Shape, But Investors Are Still Bullish

    The Crypto Market Is In Bad Shape, But Investors Are Still Bullish

  • Michael Zetser’s Unique Approach to Fixing the Fintech Industry

    Michael Zetser’s Unique Approach to Fixing the Fintech Industry

  • Mobile Is Still The Biggest Technological Platform For Crypto

    Mobile Is Still The Biggest Technological Platform For Crypto

  • SushiSwap Wants to Restructure to Avoid Insolvency

    SushiSwap Wants to Restructure to Avoid Insolvency

  • Crypto Miners Have To Look For New Havens As Kazakhstan Tightens Regulations

    Crypto Miners Have To Look For New Havens As Kazakhstan Tightens Regulations

  • ‘Programming Languages’ A Key To Improving Security Of DeFi Protocols And Crypto Industry

    ‘Programming Languages’ A Key To Improving Security Of DeFi Protocols And Crypto Industry

  • Market Interest Keeps Growing in Oryen, Early Investors Enjoy 140% Gains Already

    Market Interest Keeps Growing in Oryen, Early Investors Enjoy 140% Gains Already

  • Cardano’s Opportunity to Shine Fades Due to Stablecoin Development Issues

    Cardano’s Opportunity to Shine Fades Due to Stablecoin Development Issues

  • Despite Launch of ApeCoin DAO Marketplace, ApeCoin Prices Have Fallen By 3.42%

    Despite Launch of ApeCoin DAO Marketplace, ApeCoin Prices Have Fallen By 3.42%

  • Huobi Adds An Extra Layer Of Security Around Its HBTC H-Token

    Huobi Adds An Extra Layer Of Security Around Its HBTC H-Token

  • XRP Observes a Strong Rally That Has Pushed It to 3-Week High

    XRP Observes a Strong Rally That Has Pushed It to 3-Week High

  • Cryptocurrencies to Face Tighter Regulations in Africa, Advise by IMF

    Cryptocurrencies to Face Tighter Regulations in Africa, Advise by IMF

  • ETH’s Trading Price Has Recorded A Plunge, Fears A Further Dip Below $1,000

    ETH’s Trading Price Has Recorded A Plunge, Fears A Further Dip Below $1,000

  • Cardano To Hype Its Adoption As It Wants To Launch A New Stablecoin

    Cardano To Hype Its Adoption As It Wants To Launch A New Stablecoin

  • SNM Trading Prices Surge By 4,000%, Users Expect A Pump And Dump Scheme

    SNM Trading Prices Surge By 4,000%, Users Expect A Pump And Dump Scheme

You may have missed

Fast Refund Group Review, Fastrefundgroup.com – Is FastRefundGroup Scam Or A Trusted Broker?
3 min read
  • Reviews

Fast Refund Group Review, Fastrefundgroup.com – Is FastRefundGroup Scam Or A Trusted Broker?

March 20, 2023
Binetrix Review – A Variety of Educational Materials to Help You Trade
3 min read
  • Cryptocurrency Brokers

Binetrix Review – A Variety of Educational Materials to Help You Trade

March 19, 2023
Protocol Labs Partnership with Accounting Firm Cryptio to Facilitate Filecoin Miners Go Public
2 min read
  • Bitcoin

Protocol Labs Partnership with Accounting Firm Cryptio to Facilitate Filecoin Miners Go Public

March 15, 2023
UniTrust Venture Review – Is This A Versatile Online Trading Brand?
3 min read
  • Cryptocurrency Brokers
  • Reviews

UniTrust Venture Review – Is This A Versatile Online Trading Brand?

February 7, 2023
Bitcoin Trading News | MoreNews by AF themes.