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Bitcoin mining firm Iris Energy has been meeting potential investors and seeking an advisor to help the company raise $200M before they go live with the Nasdaq listing.
Iris Energy is a Bitcoin mining firm headquartered in Sydney who employ sources of renewable energy to mine cryptocurrencies.
Iris usually works on 9 megawatts of energy to mine BTC and plans to expand its energy consumption by a whopping 30%. The firm had previously raised $82 million to acquire computing software and additional data center sites to mine Bitcoin. Another $50 million was raised by the company to purchase Bitcoin servers to expand operations in Canada.
It is anticipated that the money raised through the funding rounds will be utilized by the firm to help make preparations for their Nasdaq Listing, however, according to Bloomberg reports, the plans are yet to be finalized.
Based on estimates from a Bitcoin Mining Council (BMC) report, in Q2 of this year, the global Bitcoin mining sector has reached a 56% sustainable power mix. The findings follow a survey conducted by the BMC.