Bitcoin miner Iris Energy faces default on $103 million equipment loan.

The reason for the default notice sent by the lender to Minor on Nov. 4 was the company’s failure to participate in “good faith restructuring talks” over the debt at issue, according to Monday. Filed with the U.S. Securities and Exchange CommissionBecause Iris did not participate in such discussions, the lenders allege that they failed to make a payment originally scheduled for Oct. 25, the filing said Monday. So it looks like the application will continue and the lender will invoke the acceleration clause. In other words, it demands immediate payment of the full amount of principal and accrued interest. Iris said she “disagrees” with the allegations made by her landlord in the Nov. 4 notice.

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