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Iris Energy sets sights on sustainable Bitcoin mining

July 17, 2023 at 10:40 AM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

Iris Energy Ltd (NASDAQ: IREN) co-founder and CEO Daniel Roberts sits down with Proactive’s Elisha Newell to introduce the company’s sustainable Bitcoin mining vision.

Iris’ business model revolves around using low-cost, 100% renewable energy to scale its mining operations, with 428 Bitcoin mined over June 2023.

As the Bitcoin industry continues to grow, Daniel says the focus is on expanding and developing new Bitcoin mining sites and pursuing value-accretive opportunities.

“We set out with a vision to not just use 100% renewable energy, but target excess stranded renewables, as we know governments around the world are incentivising the mass build out of wind and solar, and often it's in markets where there's not enough demand for this power,” he told Proactive on Friday.

“And further to that, the intermittent nature of this renewable generation is wreaking havoc on energy markets. We give that power back to the market now, when power prices go negative and we're actually paid to take power.”