IREN - Iris Energy mines 4.1% more bitcoins in July than prior month

Iris Energy ( NASDAQ: IREN ) produced 154 bitcoins ( BTC-USD ) in July vs. 148 in June, though its average operating hashrate slumped at the time.

The M/M boost in bitcoin ( BTC-USD ) production was mostly due to a decline in the average difficulty-implied global hashrate during the period plus one extra operating day in the month, the company said.

The decline in the global hashrate suggested higher-cost miners could have left the global bitcoin ( BTC-USD ) network during the month in a move that allowed lower-cost miners to increase their share of the network.

The renewable bitcoin ( BTC-USD ) miner saw mining revenue for July decrease to $3.4M from $3.6M in the previous month.

Electricity costs were $1.4M in July, up from $1.3M in June.

Its average operating hashrate fell over 4% to 1,117 petahash per second M/M in July.

For its Prince George facility, the first and second data center buildings are substantially complete, and the third building is close to being finished. Overall, the facility remains on track to be energized by the end of September.

Earlier this week, (August 8) Iris Energy doubled its operating capacity to more than 2.3 EH/s .

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