Sydney-based Bitcoin mining firm Iris Energy is facing claims from its lender that it defaulted on equipment loans worth $103 million held by two special-purpose vehicles (SPV), the company said.

As per a filing with the United States Securities and Exchange Commission (SEC) on Monday, the firm said that it had received a default notice from mining rig manufacturer Bitmain Technologies, wherein it was stated that Iris Energy defaulted on $103 million in equipment loans.

The notice stated that the Bitcoin mining firm failed to "engage in good faith restructuring discussions" for certain payments that were due on Nov. 8.

In another notice last week, the mining firm was warned that it "failed to maintain sufficient insurance" and would be considered a defaulter on its loan "if not remedied within 10 days."

Iris Energy is known for running mining centers, mostly in Canada, that mine Bitcoin, the oldest cryptocurrency in the world, using clean energy. As per an October report, the mining firm had an average mining hash rate of 3.9 EH/s which represented 1.5% of the total Bitcoin network mining capacity.

The three debt facilities in dispute, as per the SEC filing, are $1 million, $32 million, and $71 million worth of equipment loans. These loans were secured by Bitcoin miners with hashrates of 0.2 EH/s, 1.6 EH/s, and 2.0 EH/s.

According to Iris Energy, Bitcoin miners contributing a total of 2.4 EH/s along with all of its data center capacity and development pipeline lie outside the boundaries of the notice.

"The lender to each Non-Recourse SPV has no recourse to, and no cross-collateralization with respect to, assets of the Company or any of its other subsidiaries pursuant to the terms of the Facilities," read the filing.

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