Iris Energy plans to increase hash rate in 2024 by placing a $22 million order for Bitmain T21 mining rigs.

Renewable Bitcoin (BTC) mining company Iris Energy plans to boost its total hash rate to 10 exahashes per second (EH/s) in 2024 through the acquisition of new Bitmain T21 mining rigs.

The firm revealed that it has secured an additional 1.6 EH/s of Bitmain T21 miners, which are scheduled for delivery in the second quarter of 2024. As of December 2023, the company operates with a capacity of 5.6 EH/s.

The latest generation of mining hardware from Chinese manufacturer Bitmain will enhance the efficiency of Iris’ operations from 29.5 joules per terahash (J/TH) to 24.8 J/TH. Iris allocated $22.3 million for this latest order from Bitmain, with the hardware priced at $14 per terahash.

Related: Iris Energy to nearly triple hash rate with estimated 44,000 new BTC miners

Iris anticipates achieving 1.4 EH/s of mining output by activating a prior order of Bitmain S21 miners in the first quarter. The company is also expecting another batch of Bitmain T21 miners, which will further increase its capacity by 1.3 EH/s.

Iris announced an 80-megawatt (MW) expansion of its Childress data center operation in Texas in June 2023. The company has indicated that additional operational capacity will be available starting January 2024, facilitating the increase in operating hash rate to 10 EH/s as it receives new hardware from Bitmain.

The firm also intends to construct another 100 MW of data centers at the site, enabled by an additional 500 MW of power capacity that is already accessible to the operation.

While Iris has mainly concentrated on Bitcoin mining, it has expanded its data center to meet the rising demand for generative artificial intelligence computing. In August, Iris invested $10 million to acquire 248 advanced Nvidia H100 GPUs, which are expected to be delivered by the end of 2023.

The company currently manages data center facilities at various locations across North America, including Canal Flats, Mackenzie, and Prince George in British Columbia, Canada, as well as its Childress site in Texas.

Iris asserts that its four operations utilize 100% renewable energy, with the data centers generating power from a combination of wind, solar, and hydroelectric sources. A disclaimer on its website states that its three Canadian sites produce 98% of their energy from renewable sources, with the remainder offset by purchasing renewable energy certificates.

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