Fundraising drive and hopes to get $200 million
- Iris Energy Proprietary Limited uses eco-friendly energy resources
- Mining Firm looking to acquire new companies
- An environment-friendly image helped Iris to garner support for fundraising
Bitcoin mining hub Iris Energy Proprietary Limited is seeking a listing on the Nasdaq. It is also planning a new fundraising drive and hopes to get $200 million in its venture. The Bitcoin Mining hub, based in Sydney, has been working feverishly and has roped in advisors for the purpose. It is also meeting numerous prospective investors.
The investment obtained by the mining hub will help it get listed on the Nasdaq. The U.S. technology-focused exchange Iris Energy has been able to garner funds despite a lot of bad publicity about the environmental impact of Bitcoin Mining. The mining hub uses eco-friendly energy sources for its mining activities, which could be the reason for its success in its fundraising campaign.
In recent times a lot of bad publicity has been associated with Bitcoin mining hubs. Bitcoin mining is indeed an energy-intensive process. Therefore mining hubs sprung up in regions where cheap power was available aplenty. Most of the mining hubs were concentrated in North China, where both labor and management were cheap.
Massive Miner migration from China
In recent times China started a massive crackdown on cryptocurrency trade, and it included a complete ban on crypto mining activities. As a result, most mining hubs in China are migrating to nations that are more amenable to cryptocurrencies. Texas and Florida are being touted as the following bitcoin mining hubs. El Salvador is another nation that has offered Bitcoin miners to use the nation’s bountiful geothermal resources for mining activities.
Environmental concerns hound mining activities.
Environmental concerns have led miners to seek eco-friendly resources for mining activities. Tesla CEO Elon Musk has already promised that his company will start accepting Bitcoins when the number one crypto coin completes 50% of its mining activities from green energy sources.
Many mining companies are relocating. Iris Energy Executive Director and Co-Founder Daniel Roberts said that his company is looking to acquire new companies. In May, a Bloomberg report stated that Iris was approached by several companies about a possible potential U.S. listing and was looking to raise $300 million to $500 million.
According to the latest reports, Iris Energy is seeking a private placement rather than a SPAC deal to prevent the diluting of existing investor’s stakes instead of a direct listing where new shares are not offered. However, discussions are on, and the mining hub still decides to proceed with fundraising and a direct listing plan.