Australian Bitcoin mining firm Iris Energy is the latest to suffer from the squeeze of the crypto bear market, losing a significant chunk of its mining power after defaulting on a loan.
The company stated that its “data center capacity and development pipeline are unaffected by the recent events,” and it will continue to explore opportunities to utilize its capacity.
Iris is also looking at the prospect of “utilizing $75 million of prepayments already made to Bitmain in respect of an additional 7.5 EH/s of contracted miners for further self-mining.”
“If price doesn't go up soon, we are going to see a lot of Bitcoin miners out of business,” he added.
Most aggressive miner selling in almost 7 years now.
Bitcoin slumped to a new bear cycle low of $15,649 during the early hours of Asian trading on Tuesday, Nov. 22, according to CoinGecko.

Source - Cointelegraph