IREN Sold 4.1 EH/s S19j Pro Bitcoin Hashrate for $2/TH/s
IREN has raised $146.2 million via ATM since the end of Q3
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Bitcoin mining and data center operator IREN has liquidated 4.1 EH/s of its S19j Pro Antminers as part of an ongoing effort to upgrade its fleet with newer-generation equipment.
In its third-quarter earnings report filed on Tuesday, IREN disclosed that it reclassified the majority of its S19j Pro mining hardware as assets held for sale on September 1.
The move aligns with an industry-wide shift following the 2024 Bitcoin halving. Similarly, in September, Bitdeer auctioned 270 PH/s of S19 Antminers with a starting bid of $1/TH/s.
IREN reported selling 41,740 S19j Pro miners in October, generating $8.13 million in proceeds. The company still holds approximately 12,300 S19j Pro miners classified as assets held for sale.
The sale equates to a price of $1.95/TH/s on the secondhand market for the S19j Pro model, which dominated the 2020 halving cycle. Currently, an S19j Pro miner can produce daily revenue of approximately $0.081 per kilowatt-hour (kWh), based on the prevailing Bitcoin hashprice.
During the third quarter, IREN incurred a $277 million cash outflow for computer hardware prepayments while raising $84 million through share issuance. Since September 30, the company has secured an additional $146.2 million through equity financing as it targets 50 EH/s in capacity by the first half of 2025.
In addition to its mining operations, IREN reported $3.2 million in AI cloud service revenue for the third quarter, marking a slight increase from $2.5 million in the second quarter.
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