ChainCatcher news, according to Cointelegraph, U.S. District Court Judge Jamel Semper dismissed a class action lawsuit against the Bitcoin mining company Iris Energy without prejudice, ruling that the investors who brought the lawsuit failed to prove that the company had ever made false statements or intentionally misled investors.The lawsuit accused Iris Energy, its executives, and its underwriters (including JPMorgan and Citigroup Global Markets) of violating the Securities Act and the Securities Exchange Act during its 2021 IPO. The plaintiffs claimed that there were several key inaccuracies in the documents related to the Australian crypto mining company's IPO in November 2021 and in other statements made in the following months. Additionally, they alleged that Iris concealed risks and failed to disclose information regarding loans for financing mining equipment, making several "false and misleading" statements about the company's overall financial condition, including its profits, losses, and assets on hand.However, Judge Semper found that Iris was not obligated to disclose all details of its loan financing, and the plaintiffs failed to prove that Iris's disclosures were materially misleading.

ChainCatcher news, broker Canaccord stated in a report that Iris Energy (IREN) is expected to become one of the most efficient and largest publicly listed Bitcoin mining companies, and will launch its high-performance computing (HPC) pilot project in Childress, Texas, in the second half of this year.Canaccord raised the company's target price from $12 to $15 while maintaining a buy rating. In early trading on Wednesday, Iris Energy's stock price on Nasdaq rose 1.6% to $11.06.

ChainCatcher news, according to MinerMag, Australian crypto mining company Iris Energy announced that it has raised $413.4 million through stock issuance since mid-May. This funding will be used to fully support the company's expansion plans for 2024 following the Bitcoin halving event, aiming to achieve a growth plan for 2024 (including a hash rate of 30 EH/s and a data center capacity of 510 MW). This financing was completed through the company's market offering (ATM) plan from May 15 to June 28, selling a total of 39.8 million shares.In addition to the previously raised funds, Iris Energy has raised approximately $714 million in the first half of this year, which includes $257 million in equity financing in the first quarter and an additional $44.8 million from March 31 to May 15.

ChainCatcher news, according to The Block, Bitcoin mining company Iris Energy secured a $2.3 million power credit limit in August, primarily due to voluntary load shedding at its site in Childress, Texas.According to the latest investor update from August, the company mined 410 Bitcoins, generating $11.4 million in revenue. The company's electricity expenses were $6.6 million, which was reduced to $4.3 million due to credit incentives. This resulted in a profit of $7.1 million, with an average profit of $17,300 per Bitcoin.

ChainCatcher news, Bitcoin mining company Iris Energy announced it has spent $10 million to purchase NVIDIA H100 GPUs, which are expected to be delivered in the coming months.Iris Energy stated that the company's next-generation data centers are now targeting the generative artificial intelligence market, while its core business remains Bitcoin mining.

ChainCatcher news, Bitcoin mining company Iris Energy produced 428 BTC in June, a decrease of 16% compared to May. The average operating hash rate was approximately 5.6 EH/s, with revenue per BTC at $27,211 and electricity costs per mined BTC at $13,011.Iris Energy's revenue in June was $11.7 million, a decrease of 14% compared to May. The monthly revenue decline, along with the reduction in Bitcoin production, was mainly due to the drop in network transaction fees and the increase in mining difficulty. Additionally, Iris Energy announced plans to expand from 5.6 EH/s to approximately 9.1 EH/s in early 2024. (source link)

ChainCatcher news, Bitcoin mining company Iris Energy stated that as interest in artificial intelligence continues to rise, it is reviving its strategy around hosting high-performance computing, planning to increase its data center capacity from the current 5.6 EH/s to 9.1 EH/s by early 2024.In addition, Iris Energy has procured long-lead items to expand the construction of another 100 megawatt (MW) facility, which, if filled with mining rigs, will achieve a mining speed of 13.6 EH/s. (source link)

ChainCatcher news, Bitcoin mining company Iris Energy announced its financial report for April 2023, in which the Bitcoin production was 319 coins, an increase of 85% month-over-month; the average hash rate was 3965 PH/s, an increase of 107% month-over-month; and the monthly revenue was 9 million USD, an increase of 109% month-over-month. Iris Energy also increased its self-mining hash rate from 2.5 EH/s to 5.5 EH/s. (source link)

ChainCatcher news, Bitcoin mining company Iris Energy reported Q4 2022 revenue of $13.8 million and a net loss of $144 million. The primary reason for the loss was a non-cash impairment expense of $105.2 million, related to equipment financing and a decrease in Bitcoin mining volume.Additionally, Iris Energy announced on Monday plans to nearly triple its hash rate after purchasing machines with 4.4 EH/s, and the company's stock price rose by 67% before Wednesday's close. (source link)

ChainCatcher news, Bitcoin mining company Iris Energy has received a default notice for $103 million in unpaid debt, primarily due to the inability of the two financed Bitcoin mining companies it operates to generate sufficient income for the miners. Iris Energy stated that it does not intend to provide financial support to the miners if the lenders refuse to negotiate a new loan agreement, and warned that the company's operations could be affected if the lenders seize the mining equipment to recover the debt.Earlier in early November, Iris Energy indicated that the mining equipment owned by its special purpose vehicle (SPV) was unable to generate enough cash to meet its financing obligations, and that the market value of this equipment "is significantly lower than the principal amount of the related loans." (source link)

Chain Catcher news, according to CoinDesk, Bitcoin mining company Iris Energy has signed a $100 million equity deal with investment bank B. Riley, which will purchase 25 million shares of Iris Energy stock over the next 24 months starting from Friday.It is reported that after the completion of this round of transactions, B. Riley will hold 31% of Iris Energy's shares. (Source link)