Sustainable bitcoin miner Iris Power reported receiving $2.3 million in energy credit final month, primarily pushed by voluntary curtailment at its Childress website in Texas throughout peak demand.
The corporate mined 410 bitcoin, making a income of $11.4 million, in response to its newest investor replace for August. It spent $6.6 million on electrical energy, which was diminished to $4.3 million as a result of credit.
This resulted in a revenue of $7.1 million, averaging out at $17,300 revenue per bitcoin.
Mining bitcoin with renewable vitality
Round 97% of the ability used for its mining operations come immediately from renewable vitality sources, whereas the remaining 3% come by way of renewable vitality credit.
Iris Power situates its mining operations close to renewable vitality sources, similar 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. plenty of wind, photo voltaic, climate occasions) and our tech stack then dynamically buying and selling bitcoin mining profitability in opposition to electrical energy market pricing. I.e. routinely pivoting between highest and finest use of our energy,” mentioned Iris Power co-founder and co-CEO Daniel Roberts, in response to a question in regards to the vitality prices on X (previously Twitter).
The ability credit had been obtained as a part of a state program in Texas that gives vitality credit to bitcoin miners to decrease their vitality use during times 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 characterize a further alternative.
Common bitcoin miner income per TH/s has fallen 40% since Might, in response to The Block’s information dashboard — coinciding with a fall within the worth of bitcoin and the growing complete hashrate on the community.
