Iris Energy Receives $103M Default Notice

Mining company Iris Energy has notified the US Securities and Exchange Commission (SEC) that two of its divisions received default notices on a total debt of $103 million.

We are talking about two specialized companies registered by the company for the purchase of equipment on its security. The debts on loans are $32 million and $71 million (2 EH/s).

In the notice, the Australian Bitcoin miner’s creditor said the company was unable to continue “good-faith discussions to restructure” the debt.

On November 2, Iris Energy reported to the SEC the divisions generate $2 million in revenue per month from crypto mining. Regular payments on loans for this period amount to $7 million.