Bitcoin miner Iris Energy posts $144 million net loss
Iris Energy posted a net loss of $144 million, mainly due to a $105.2 million non-cash impairment charge in part related to its equipment financing, and said it mined fewer bitcoin in the quarter ending in December. topping the $13.3 million average estimate of analysts compiled by FactSet.
Shares of Iris Energy were lower in post-market trading after closing up by 67% during the regular session. “2022 was a challenging year for the digital assets industry as well as broader equity markets,” said Daniel Roberts, co-founder and co-CEO of Iris Energy. "Looking forward, we believe we are well positioned to capitalize as markets continue to improve.". The company recently announced plans to scale its hashrate back up after unplugging about 3.6 EH/s worth of machines in November.
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