IREN - Iris energy bitcoin mining revenue falls 10% in November amid rising network difficulty; shares dip

Sydney-based Iris Energy (NASDAQ:IREN) stock falls 7.1% as the company's bitcoin (BTC-USD) mining revenue slides 10% M/M to $6.6M in November, the company says in its monthly investor update. The decline in BTC revenue is primarily due to one less day in the month, with an increase in the network difficulty as the average implied global hashrate of 159 exahash per second climbs from 142 EH/s in the prior month. The company mined 113 bitcoins (BTC-USD) in November, down from 127 in October and flat from September. 657 PH/s average operating hashrate in November, powered by 98% renewable energy. Still, Iris Energy (IREN) expects to have a relatively competitive hashrate of 15.2 EH/s by 2023. Recall shares of IREN only started trading on Nasdaq in mid-November of this year.

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Iris energy bitcoin mining revenue falls 10% in November amid rising network difficulty; shares dip