There are some unlucky examples in Bitcoin and digital currency ecosystems. The important reason for this bad thing can be summarized as the bullish trend of cryptocurrency market at this stage. No matter what the experts predict and analyze, the investors are still skeptical of future project investment.

Some data encryption companies look for ways to keep their customers and their employees. Other companies have promised that they will not run out of assets before the end of 2022. Iris Energy is an example of such companies.

Iris Energy is a Bitcoin mining company based on the infrastructure of big data center. It hopes to increase the driving force for its operation by obtaining renewable resources that are not used enough or rich and diverse.

Its core purpose is to apply to the community and the wider Bitcoin Internet, so as to make the energy market carburized.

Iris Energy is in trouble due to data encryption crash

On Tuesday, Iris Energy announced its purchase and sale transactions related to capital arrangements with NYDIG. NYDIG is a bitcoin brokerage agency, which provides financial support for ASIC (Bitcoin Coin Digger).

Bitcoin Mining mentioned some difficulties in mining cars. The report points out that some special destination companies - unique destination companies - do not meet the standard in terms of cash flow. Therefore, it is a very difficult task to repay the debts of its borrowers.

Iris said that the outstanding capital of 104 million dollars still existed in the three non network resource SPVs financed by the company and had to be repaid. In addition, non network resource SPV is estimated to pay 7 million dollars of interest per month. Taking full account of the 2 million US dollars they earned in the same stage, it seems that this figure is also high.

In addition, SPV can obtain 65 million to 70 million dollars for mining, which is far lower than the cost. The standard is not very beneficial to BTC Mining. As a result, the company indicated that the second and third vice presidents did not pay the cost scheduled to be paid on November 8. This determination may lead to further difficulties, but the company wants to deal with this problem.

Iris Energy is in trouble due to data encryption crash

On Tuesday, Iris Energy announced its purchase and sale transactions related to capital arrangements with NYDIG. NYDIG is a BTC brokerage agency, which is responsible for providing financial support for ASIC (Bitcoin Coin Digger).

BTC Mining Company mentioned some difficulties in mining automobiles. The report points out that some special destination companies - unique destination companies - do not meet the standard in terms of cash flow. As a result, it is difficult to repay the debts of its borrowers.

Iris said that the outstanding capital of 104 million dollars still existed in the three non network resource SPVs financed by the company and had to be repaid. In addition, non network resource SPV is estimated to pay 7 million dollars of interest per month. Taking full account of the 2 million US dollars they earned in the same stage, it seems that this figure is also high.

In addition, SPV can obtain 65 million to 70 million dollars for mining, which is far lower than the cost. The standard is not very beneficial to BTC Mining. As a result, the company indicated that the second and third vice presidents did not pay the cost scheduled to be paid on November 8. This determination may lead to further difficulties, but the company wants to deal with this problem.

The cumulative hash output power of 3.6 EH/s of the company has a trend of withdrawal. But this will only happen when things break the contract. The hash power is equal to the total hash rate of BTC Internet, which is about 1.5%.

In addition, Iris Energy is not the only data encryption company facing the challenge of bankruptcy and debt repayment. In October, Core Scientific shared a post, emphasizing that it was possible to break the contract because it was unable to repay some debts.

According to the company's statement, there are only about 24 BTCs and $26 million in cash left in its reserves. Fully considering that the company had up to 7000 BTCs as of June, the decrease is very large.