Bitcoin mining and data center operator IREN has liquidated 4.1 EH/s of its S19j Pro Antminers as part of an ongoing effort to upgrade its fleet with newer-generation equipment.
In its third-quarter earnings report filed on Tuesday, IREN disclosed that it reclassified the majority of its S19j Pro mining hardware as assets held for sale on September 1.
[article_ad_banner]The move aligns with an industry-wide shift following the 2024 Bitcoin halving. Similarly, in September, Bitdeer auctioned 270 PH/s of S19 Antminers with a starting bid of $1/TH/s.
IREN reported selling 41,740 S19j Pro miners in October, generating $8.13 million in proceeds. The company still holds approximately 12,300 S19j Pro miners classified as assets held for sale.
The sale equates to a price of $1.95/TH/s on the secondhand market for the S19j Pro model, which dominated the 2020 halving cycle. Currently, an S19j Pro miner can produce daily revenue of approximately $0.081 per kilowatt-hour (kWh), based on the prevailing Bitcoin hashprice.
During the third quarter, IREN incurred a $277 million cash outflow for computer hardware prepayments while raising $84 million through share issuance. Since September 30, the company has secured an additional $146.2 million through equity financing as it targets 50 EH/s in capacity by the first half of 2025.
In addition to its mining operations, IREN reported $3.2 million in AI cloud service revenue for the third quarter, marking a slight increase from $2.5 million in the second quarter.
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