IREN (Iren) Results reported results in the fourth quarter that highlighted rapid progress in both its Bitcoin mining and artificial intelligence infrastructure companies, according to a Friday research report from broker Canaccord Genuity.
The broker repeated his purchase rating on the stock and wandered its price target 60% to $ 37 from $ 24 with reference to stronger visibility in both mining and AI income streams.
In the early trade, stocks are higher by 25% to $ 28.75.
The company’s mining unit reached an annual turnover run over $ 1 billion, powered by 50 Exahash per day. Second (Eh/s) of capacity and one of the industry’s most efficient fleets at 15 J/TH, which operates at 3.5 cents/kWh power, analysts wrote by Joseph Vafi. This means a cost of $ 36,000 to utilize a bitcoin, well below market levels.
Bitcoin mining revenue came at $ 187.3 million for the quarter, 33% rising, while the adjusted EBITDA jumped 46% to $ 121.9 million.
On the AI side, Iren is speeding up expansion, the report noted. Bitcoin mines quadrupled his hash rate and added another megawatt with power capacity, now a total of 3 MW, with further growth expected in the 2025 financial year.
Hashrate refers to the overall combined calculation strength used to mine and treat transactions on a proof-of-work blockchain, and is a power of attorney for competition in the industry and mining difficulties.
Canaccord also noted the Iren’s recent term as nvidia (NVDA) Preferred partner who came almost at the same time as the announcement of the purchase of an additional 2,400 GPUs.
With 2,910 MW ensured power capacity and some of the lowest all-in-cash costs in the industry, Canaccord claims that Iren is placed to become one of the largest and most effective listed miners with a significant opportunity in high-privacy calculation.
Read more: Iren posts the first year with the whole year at AI-Sky Growth, Mining Extension; Shares climb
