Canada

Australian green Bitcoin miner Iris Energy has successfully doubled its hash rate on completion of phase two of its Mackenzie site and expects to add further capacity to its Prince George site, also in Canada, by the end of September:

$IREN today announced it has doubled operating capacity to >2.3 EH/s.

The first 1.5 EH/s (50MW) at its second operating site in Mackenzie, BC, has been fully energized ahead of schedule.

On track for 3.7 EH/s by the end of next month, deployment options underway for 6.0 EH/s.
— Iris Energy (@irisenergyco) August 8, 2022

Way Ahead of Schedule

More than a month ahead of schedule, Iris Energy switched on 41 megawatts of Bitcoin mining machines in British Columbia on August 5. The move has lifted the Bitcoin network’s exahashes/second (EH/s) rate to 2.3 EH/s.

We are particularly pleased to continue our track record of delivering projects on schedule, despite the current market backdrop and ongoing international supply chain challenges.
Daniel Roberts, co-founder and co-CEO, Iris Energy

Iris Energy has a second site in British Columbia, Prince George, to which it intends to add another 1.4 EH/s (needing 50 MW of energy capacity). As a result of the prompt hash rate increase, the company’s Nasdaq-listed shares were up by more than 10 percent on August 8.

Previous Positives

In March 2021, Iris Energy smashed its pre-IPO funding target of A$20 million. Thanks to an unexpected Platinum Asset Management (PAM) financial commitment, the target was doubled to A$40 million. PAM had pledged $13 million in capital ahead of the planned IPO.

Mogo, a Toronto-based fintech company and loan lender, has launched the first Bitcoin Cashback Mortgage in Canada — this means that Canadians can request a mortgage loan and earn at least $3,100 worth of Bitcoin.

Mogo is a fintech company that has expanded its Bitcoin Cashback program to include MogoMortgage, turning the company into the first-ever mortgage lender that will reward its users with Bitcoin.

The Crypto Market Expands in Canada

The crypto market in Canada is growing fast, mostly thanks to governmental support for crypto-assets. At least 3 BTC ETFs have been approved at the beginning of this year. Just a month after it was launch, Canada’s first Bitcoin ETF accrued over $450 million from investors.

This means that Canadians are keener to explore cryptocurrencies, but their inherent risk can drive away prospective investors. David Feller, CEO at Mogo, believes MogoMortgage can meet this demand without risking its customer’s capital:

Given the volatility and speculative nature of bitcoin, there’s an increasing number of Canadians who are looking for ways to participate without risking their own money, and our bitcoin rewards program meets this demand.
David Feller, CEO at Mogo [Business Wire]

Canada’s First Bitcoin Mortgage Cashback

Feller remarked that Bitcoin can offer unique opportunities as a long-term investment, stating that a $3,100 investment five years ago would now worth over $350,000.

Unlike traditional reward programs, bitcoin rewards have the unique characteristic of being an asset class that can rise in value over time – $3,100 invested in bitcoin 5 years ago would be worth over $350,000 today.
David Feller, CEO at Mogo [Business Wire]

With a $1.7 trillion mortgage market, Mogo expects to receive a large inflow of clients seeking exposure to crypto-assets, earning Bitcoin without risking their capital. “This is a great way to get a mortgage,” stated Greg Feller, Mogo’s Chief Financial Officer.

The residential mortgage market in Canada is a massive market estimated at about $1.7 trillion, and we’re pleased to provide Canadians with a great way to get a mortgage, while also earning bitcoin.
Greg Feller, President and CFO at Mogo [Business Wire]