Several unfortunate cases are springing up in the Bitcoin and crypto ecosystem. The main reason for these adverse events comes down to the current bearish trend of the cryptocurrency market. Regardless of experts’ optimistic predictions, investors are still skeptical about future investments.
Some crypto firms seek ways to sustain their staff and clients. Others are ensuring they don’t run out of funds before the end of 2022. One example of such companies is the Bitcoin miner Iris Energy.
Iris Energy is a Bitcoin mining firm based on its data center infrastructure. It aims to power operations by accessing under-utilized or abundant renewable energy.
Its main objective is to support communities and the broader Bitcoin network and decarbonize energy markets.
Iris Energy Faces Crisis Due to Crypto Crash
On Tuesday, Iris Energy revealed its transactions with NYDIG regarding the arrangement of funds. NYDIG is a Bitcoin broker institution responsible for providing funds for ASICs – Bitcoin mining machines.
The Bitcoin mining company mentioned a few issues with some of the mining vehicles. It stated that some SPVs – Special Purpose Vehicles are not operating up to standard regarding cash flow. So, it’s pretty challenging to meet up with the debts to its lender.
Iris stated that there is still an outstanding…
