Iris Energy, a sustainable bitcoin miner, received $2.3 million in power credits last month by voluntarily curtailing its mining operations during peak demand at its site in Texas. This led to a profit of $7.1 million, resulting in a $17,300 profit per bitcoin. The company primarily uses renewable energy sources for its mining operations, with 97% coming directly from renewable energy and 3% through renewable energy credits. Iris Energy strategically locates its mining operations near renewable energy sources, such as hydro power stations. The article also mentions that the average revenue per TH/s for bitcoin miners has decreased by 40% since May.
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