Iris Energy Tipped for Major Success in Bitcoin Mining by Canaccord

Broker Canaccord has predicted that Iris Energy (IREN) will soon become one of the most efficient and largest publicly listed Bitcoin miners. Their team of analysts highlighted Iris Energy’s impressive high-performance computing (HPC) capabilities and upcoming projects, according to Coinspeaker.

Canaccord’s research report revealed that Iris Energy is constructing 510 megawatts (MW) of data centers and has secured 2,160 MW of power capacity. They also have a development pipeline exceeding 1 gigawatt (GW). These advancements have led Canaccord to raise Iris Energy’s share-price target from $12 to $15, maintaining a buy rating.

Canaccord anticipates that Iris Energy will expand its data centers’ use beyond Bitcoin mining. They believe the Sydney-based company is well-prepared for diverse applications, including AI cloud and AI colocation.

Mining stocks, including Iris Energy, have experienced notable gains recently. This trend follows a significant deal between Core Scientific and cloud computing firm CoreWeave. Wall Street giant JPMorgan noted that AI and HPC opportunities are presenting alternative uses for Bitcoin mining infrastructure.

Iris Energy shares recently traded at $11.06, a 1.6% increase. However, this is still below their earlier $14 value before a short seller criticized the Childress site’s suitability for AI and HPC.

Canaccord suggests that Iris Energy’s ability to monetize its infrastructure through various means will enhance its market position. They expect the company to capitalize on Bitcoin mining, AI cloud services, and AI colocation, leveraging its robust infrastructure.