Miner Iris Energy notified the regulator about the default of subsidiaries – Bits Media

A large cryptocurrency miner informed the American Securities Commission and Exchanges (SEC), that two subsidiaries are not capable of fulfilling obligations $103 million.

Two Iris Energy units, purchasing equipment on security, Faced with debts on loans on $32 million (on the security of equipment with a common hash 1.6 Eh / s) and $71 million (1.6 Eh / s). According to miner representatives, The creditor believes, that the company is not able to continue "conscientious discussions of debt restructuring".

The mining company drew the attention of the regulator, that on the extraction of digital assets every month earns $2 million. While monthly payments on loans are $7 million. The next payment is already ahead 8 November.

Iris Energy warned the regulator, that if the creditor does not agree to the restructuring of the debt, then the company will not be able to fulfill obligations. As a result, the miner, probably, will lose equipment, which is in the pledge and will not be able to extract cryptocurrency, To pay off the debt.

Iris Energy should other creditors yet $1 million. The loan is provided by asic mainers with a total hash 0.2 Eh / s. The company reported, that has a reserve in $53 million, And the park of equipment, not laid down to creditors, Provides hashrate 2.4 Eh / s.

A number of Iris Energy units have already stopped interacting with companies, received a notification from the creditor. Iris Energy is now studying the opportunity to sell equipment or offer for other miners the vacant area.

In March, Iris Energy reported plans to purchase new equipment for $71 million. Funds provided by the subsidiary of the American company Nydig. Iris Energy used its current equipment to provide a loan.