New York law firm Bragar Eagel & Squire has filed a class action lawsuit against mining company Iris Energy.
Iris’ bitcoin mining operation allegedly earns bitcoins through a combination of block rewards and transaction fees from the operation of specialized computing equipment called “miners” or “bitcoin miners” and converts those bitcoins to Conversion to legal tender such as United States Dollars (“USD”) or Canadian Dollars (“CAD”) is calculated daily. But the fact is that the mining machines used for mortgage loans cannot generate enough cash flow to repay the loan, and the market value of these mining machines is far lower than the principal of the loan.
As previously reported, on December 12 last year, shareholders of bitcoin mining company Iris Energy filed a class action lawsuit against Iris Energy, accusing Iris Energy of violating the Securities Act of 1933 and the Securities Act of 1934.