Bitcoin mining firm Iris Energy has announced a major expansion to its computer fleet ahead of Bitcoin’s upcoming halving event. The company plans to increase its hashrate, which refers to the number of hashes generated by miners, to boost its chances of winning the race to create each new block on the network. Following the announcement, shares of Iris Energy jumped 9.5%. The expansion is expected to be funded from existing capital sources, including cash in the bank and operating cash flow. The halving event, scheduled for April 2024, will reduce miners’ rewards per block, potentially making mining less sustainable but also potentially driving Bitcoin bull markets.
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