Iris Energy updated shareholders on October 7, 2022. The company stated that it currently hashrates around 3.9 exahash per sec (EH/s) and noted that its operations are ongoing. According to the bitcoin mining company, its expansion of Mackenzie in British Columbia (Canada) from 50 megawatts (MW), to 80MW is “on track for energization before the end of Q4 2022.” The firm’s Childress facility is still under construction and energizing and operations are ongoing.

A Form 6K SEC filing registered November shows that two lenders claim the company defaulted upon $103 million in equipment loan payments. Two special-purpose vehicles (SPVs) are holding the loans and the lenders have sent an ‘acceleration notice’ to the SPVs. Iris Energy stated that the SPV’s purported acceleration notification did not affect a significant portion of its exahash. According to Iris Energy’s SEC filing:

The purported acceleration notice or limited recourse equipment financing arrangements have not affected the 2.4 EH/s of miners, nor the entire group’s data center capacity.

Following other companies that deal with financial issues, the bitcoin miner filed with the U.S. regulator. At the end of September, Bitcoin.com News reported that Compute North had filed for bankruptcy protection. Core Scientific also told that its financial situation was being affected by the long-term decline in bitcoin’s price.

The Iris Energy filing states that one SPV claims it owes $71 million and the other claims Iris Energy owes $32 million. Iris Energy stated that it has the capacity to host third-party miners and that it is continuing to look for ways to use this capacity.

Iris Energy shares (Nasdaq : ) have fallen 19.60% against US dollars in the past five days. The shares of a number of bitcoin mining companies have seen their shares drop from 80% to 90% over the past twelve months. Year-to-date, IREN has fallen 81.68% against the greenback.