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Bitcoin (BTC) mining firm Iris Energy announced that it has secured a $71 million equipment financing facility from NYDIG. The deal is the Australian crypto miner’s third financial facility secured with NYDIG, cementing the partnership between the two firms.
The $71 million limited recourse equipment financing facility is secured by 19,800 of Iris Energy’s Bitmain S19j Pro miners, representing a total hash rate of about 1.98 exahash per second (EH/s), according to the company’s filing with the SEC. The facility carries a 25-month term with an interest rate of 11 percent per annum.
“We are delighted to again partner with an industry leader such as NYDIG who has been a long-standing supporter of our business,” Iris Energy Co-Founder and Co-CEO Daniel Roberts said. “This is our third equipment financing facility together and we look forward to formalizing additional loan facilities as miners continue to be delivered and installed. This transaction further demonstrates the capital structure benefits in having a strong balance sheet and owning and controlling our own infrastructure.”
The Australian Bitcoin mining company is one of the world’s largest listed BTC miners with 15 EH/s of operating and contracted miners. As of February 2022, Iris Energy’s average operating hashrate is around 844 petahash per second by the company expects 10 EH/s to be operational by early 2023, according to Coindesk.
The facility won’t affect the company’s balance sheet flexibility as 10 EH/s of its total stock of BTC miners remain unencumbered. This would allow Iris Energy the option to secure additional non-dilutive funding in the future.
“We are delighted to close our third equipment financing facility with Iris Energy, who are clearly proving to be a leader in the sector when it comes to execution, project delivery and quality of operations,” NYDIG Head of Structured Financing Trevor Smyth said. “We look forward to working with them on some or all of the remaining ~10 EH/s of miners which we have not yet financed, as well as supporting the business more broadly as they continue to grow beyond their initial 15 EH/s of capacity.”
