Bitcoin Miner Iris Energy Says Some Machines Aren't Covering Financing Costs
Business
Bitcoin miner Iris Energy (IREN) said some of its mining equipment, owned by special purpose vehicles, isn't producing enough cash to meet its financing obligations.
The firm also said Wednesday that the equipment has a market value "well below the principal amount of the relevant loans," and the company is in talks with the lender.
The special purpose vehicles are not guaranteed by the parent company.
IREN shares fell over 5% in pre-market trading.
Related news
Business
Feb. 09, 2023
Three Arrows Capital Founders Launch Exchange Where You Can Trade 3AC Bankruptcy Claims
Zhu Su and Kyle Davies, the founders of failed crypto hedge fund Three Arrows Capital (3AC), have teamed with the co-founders of crypto exchange CoinFlex on the creation of Open Exchange , touting it as the "world's first public market place for...
Business
Feb. 09, 2023
Bitcoin Miners Surface for Air as Sliding Natural Gas Price Provides Cost Relief
Bitcoin miners, who have been battered by the recent bear market and high energy prices for months, are finally getting some relief thanks to natural gas prices that have fallen about 75% since August. Crypto prices, meanwhile have rebounded. Mi...
Business
Feb. 09, 2023
FanDuel Co-Founders Raise $4M for Digital Music Collectible Startup Vault
VAULT, a digital music collectible (DMC) format created by co-founders of sports betting giant FanDuel, has raised $4 million in a Series A funding round led by Placeholder VC. The funding will go toward furthering the DMC format and accelerating...
Business
Feb. 09, 2023
Bank of America: Innovation to Expand Decentralized Finance Functionality Over Time
The correction in digital asset markets last year led to a shift in focus and capital from speculative trading to projects with real-world functionality, but decentralized finance’s (DeFi) current functionality “barely scratches the surface,” Ban...
Business
Feb. 09, 2023
Bitcoin Exchange LocalBitcoins to Close, Citing Market Conditions
Bitcoin exchange LocalBitcoins is set to close this month in response to the "ongoing very cold crypto winter." LocalBitcoins, based in Helsinki, is one of the longest-running exchanges. It started 10 years ago and has averaged between $5 millio...
Business
Feb. 09, 2023
Crypto Protection Firm Coincover Raises $30M
Coincover, a provider of protection and insurance for digital assets, has raised $30 million in a funding round that will go toward hiring, product updates and pursuing partnerships. The round was led by Silicon Valley investment firm Foundation ...
