The price of Bitcoin has been on a tear. And Bitcoin miners are now making moves to expand their capacity.

‍What’s happening:‍

• Sydney, Australia based Bitcoin miner Iris Energy (NASDAQ: IREN) has announced a significant increase in their mining capacity through a new purchase of Bitcoin mining rigs
  
• The new purchase is set to both increase Iris’s operating hashrate and improve the overall efficiency of their Bitcoin mining fleet
  

By the numbers:‍

• Iris Energy is purchasing 8,380 new generation miners from Bitmain Technologies
  
• The total purchase price is approximately $22M USD
  
• The new Bitcoin miners will be powered by 100% renewable energy
  

Going deeper:‍

• Iris Energy has also been making moves to get in on the boom in artificial intelligence computing power and has repurposed some of their data centres to power generative AI workloads
  
• Currently, Iris is awaiting a large order of Nvidia’s (NASDAQ: NVDA) flagship H100 GPUs which they also plan to power entirely through renewable energy sources in their existing data centres