Bitcoin mining firm Iris Energy reported that its operating revenue declined 27% in December compared to the previous month to $2.1 million — reflecting the first full month of operations after terminating some hosting arrangements. 

The firm mined 19% less bitcoin in December, with its average operation hashrate falling 25% to 1,086 PH/s. Operating capacity increased 30% over the period to 1.5 EH/s in that time. 

Iris Energy said it held $39 million in cash at the end of the calendar year with no debt. 

The investor update comes after Iris Energy unplugged miners that were used as collateral for $100 million of debt on Nov. 21. Based in Sydney, Australia, the company says it uses 100% renewable energy to power its mining rigs.