Cryptocurrency mining company Iris Energy mined 722 BTC during the fourth quarter of 2022 and posted a loss of $144 million.
According to the report filed by the company, mining revenues for the period amounted to $13.8 million compared to $16.2 million recorded during the previous quarter. The decrease in the indicator would be related to the drop in Bitcoin mining, as the company mined 780 BTC in the previous quarter, and the price of the asset.
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Iris Energy's losses for the quarter are mainly related to non-cash depreciation of assets and provisions for accounts payable.
Daniel Roberts, co-founder and co-CEO of Iris Energy, has said:
"2022 was a challenging year for the digital assets industry as well as broader equity markets. Looking forward, we believe we are well positioned to capitalize as markets continue to improve."
As of December 31, 2022, the company had $39.4 million in cash and cash equivalents with no debt.
The company received $6 million in proceeds in January from the monetization of a previous prepayment under an agreement with Bitmain.