An employee works on bitcoin mining computers at Bitminer factory in Florence, Italy, April 9, 2018.
MELBOURNE, Nov 17 relies mainly on renewables, especially water, for its electricity-sucking operations.
Part of the backlash, however, relates to the astonishing levels of power required – currently around 119 terawatt hours annually, according to Cambridge University estimates, or more than the Netherlands uses.
It touts a strategy of locating operations in markets oversupplied with clean energy where the Australian company also theoretically is positioned to help support electricity grids when needed.
Founders Daniel and William Roberts stepped back in to run Iris in September after parting ways with a chief executive who lasted less than five months.
Using the somewhat more conventional multiple of revenue, however, Iris is commanding a notable premium to many peers, in a further sign that the green patina is fool’s gold.
16 that it raised about $232 million in an initial public offering that values the company at about $1.6 billion after pricing its shares at $28 apiece, above a previously targeted range of $25 to $27.
A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day.