The current bear market in CRYPTOCURRENCIES another victim has been claimed: Australian-based Bitcoin mining company Iris Energy. This makes Iris Energy the latest company to fall victim to the bear market. Due to the fact that it was unable to repay a loan on time, the company was forced to cancel a significant percentage of its mining capacity.

It was revealed that as of November 18, the firm had taken its hardware offline that was being used as collateral on a $107.8 million loan. This information was found in a document the company filed with the United States Securities and Exchange Commission on November 21.

The corporation has made it clear that its divisions “do not generate sufficient cash flow to meet their respective debt financing obligations.” as stated in your statement.

The company is unable to meet its monthly debt obligations of $7 million even though it generates a gross profit from bitcoin transactions of around $2 million per month.

Iris has now reduced its mining capacity by around 3.6 exhashes per second (EH/s), which is the unit of measurement used for mining capacities.

It has been said that there is still a capacity of around 2.4 EH/s, which is made up of 1.1 EH/s of equipment that is operational and 1.4 EH/s of platforms that are on track or ready to deploy. .

Earlier this month, the corporation received a notice of default in the amount of $103 million. The notification was sent successfully.

Iris Energy primarily oversees the management of Bitcoin mining facilities in Canada that are powered exclusively by renewable energy sources.

In early August, the company’s hash rate increased to more than four times its previous level as a direct result of the electrification of its facilities in Canada.

Iris Energy (IREN) saw its share price drop 18% over the course of the trading day, and was last seen trading at $1.65 in the after-hours market.

It hit a new all-time low on November 21, falling 94% from its all-time high of $24.8, which it reached when it first went public in November 2021. The high point was reached when it first went public time. Bitcoin miners are now taking a triple whammy as high hash rates and difficulty, high energy costs, and low Bitcoin prices all combine to make mining unprofitable. Bitcoin miners are currently experiencing a triple whammy.