Digital Assets: Sustainable Aussie Bitcoin Miner Iris Energy In Pre-Listing $200M Cash Chase
The company is a prolific fundraiser, having raised $110 million for its mission to be the global leader in sustainable bitcoin mining.
Iris Mining, a Sydney-based bitcoin mining company that uses renewable energy for its operations, is looking to raise $200 million before its seeks a direct listing on the Nasdaq, according to a Bloomberg report. The company has already appointed an adviser, commenced discussions with potential investors, and plans to use the funding to lay the base for the listing – perhaps this year.
Bitcoin and clean energy
Bitcoin has been in the dock for the large amount of energy used in its mining across the globe, a lot of it coming from environmentally unfriendly sources such as coal burning power plants and other fossils.
The glare on bitcoin’s climate impact forced Elon Musk to backtrack on his plans to sell Tesla EVs against payment in the cryptocurrency.
More recently, China mounted a sustained drive to shut down bitcoin mining in the country, causing the miners to seek new locations to locate their operations. Apart from locations, bitcoin miners have also been driven to seek new, climate-positive sources of energy.
Clean energy from coal and nuclear waste
For instance, last month, Stronghold Digital Mining raised $ 105 million through two private equity placements for its Scrubgrass Generation Plant power generation facility in Venango County, Pennsylvania.
The utility converts waste coal from abandoned mines in the area to generate electricity on the scale of a large-scale hydropower plant. Stronghold uses this energy to mine cryptocurrencies including bitcoin.
Scrubgrass eliminates 200 tons of waste coal for each bitcoin mined by Stronghold. According to state regulators, waste coal is a Tier II alternative energy source that has an environmental impact equivalent to that of hydropower.
Last week, Compass Mining, the world’s first online marketplace for Bitcoin mining hardware and hosting, struck a 20-year deal with Oklo Inc for the supply of clean energy sourced from the latter’s advanced fission power houses. These powerhouses convert nuclear waste into energy and can go on for as long as two decades without having to refuel.
In the case of Iris Energy, the company’s flagship project is located in British Columbia, Canada. The 50 MW data center is powered by renewable energy. In British Columbia, the majority of electricity comes from hydroelectric power.
Bloomberg’s source said, however, that discussions with investors are continuing and it is possible that Iris Energy may not proceed with the plan for a fundraising and listing after all.
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