Bitcoin enters the provinces northern communities

BITCOIN ENTERS B.C.’S NORTHERN COMMUNITIES

Mining for bitcoin is a significant power guzzler. Because it has the potential to release significant amounts of greenhouse gases, large data mining companies are under pressure to utilize clean power to run their operations.

Bitcoin is a global decentralized digital currency that can be sent between users over peer-to-peer bitcoin networks without the need for intermediaries such as banks, governments, or administrators. Mining for bitcoin involves highpowered computers that are used to secure the bitcoin network, and miners are compensated based on the amount of power that they direct to the network.

Iris Energy, a sustainable Bitcoin mining company headquartered in Australia, is expanding its business model to northern B.C. with its first mining data facility located in Canal Flats. Built on the site of a shuttered lumber mill, now called the Columbia Lake Technology Centre, it opened with a six-megawatt data centre and is working toward expanding to 30 megawatts by fusing to hydroelectric power sourced from BC Hydro.

The company builds and operates specialized data centres and focusses on creating infrastructure in regions where it can access abundant or under-utilized renewable energy to power its operations. Industrial sites with existing access to clean hydroelectric power can make for perfect data center locations.

Iris Energy is already repeating the approach they took with the Canal Flats’ specialized data centre design in other communities in northern B.C., including Mackenzie and Prince George, allowing miners to run at optimized hashrates, increase revenue earning opportunities, and extend expected miner life.

Construction is underway at the company’s 50-megawatt site in Mackenzie. Upon completion, the specialized data centre will add approximately 15 full-time local jobs at the facility. Construction is set to commence at the company’s 85-megawatt site in Prince George, where approximately 20 full-time local jobs will be created once it’s operational in 2023.

The company is actively engaging with local First Nations, surrounding communities, and local businesses to ensure there is widespread benefit from their presence in the region.

The company builds and operates specialized data centres and focusses on creating infrastructure in regions where it can access abundant or under-utilized renewable energy to power its operations.

Iris Energy believes it is vital that bitcoin be mined and utilized in an environmentally and socially responsible manner. The company plans to expand its operations to other B.C. communities in the future, increasing its overall capacity in the province to a total of 180 megawatts over the next 18 months. On November 19, 2021, Iris Energy successfully completed a $232 million IPO and is listed on the Nasdaq Global Select Market (NASDAQ: IREN).

For more information about Iris Energy, visit www.irisenergy.co. O

Working hard for my constituents, for my province and for Canada

BOB ZIMMER MP

PRINCE GEORGEEPEACE RIVERENORTHERN ROCKIES SHADOW MINISTER FOR

NORTHERN AFFAIRS AND ARCTIC SOVEREIGNTY; CANADIAN NORTHERN ECONOMIC DEVELOPMENT

BOB.ZIMMERRPARL.GC.CA BOBZIMMER.CA 11855176714567

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