Iren (Iren) They reported results of the fourth quarter that highlighted rapid progress in their Bitcoin mining infrastructure and artificial intelligence infrastructure businesses, according to a research report on Friday by Canaccord Genuity corridor.
The corridor reiterated its purchase rating in the shares and increased its objective price of 60% to $ 37 of $ 24, citing a stronger visibility in the sources of mining and AI income.
In early negotiation, shares are higher by 25% at $ 28.75.
The company’s mining unit reached an annualized income rate above $ 1 billion, promoted by 50 exahash per second (Eh/s) Capacity and one of the most efficient fleets of the industry at 15 J/TH, which operate with a power of 3.5 cents/kWh, wrote analysts led by Joseph Vafi. That translates into a cost of $ 36,000 to extract a bitcoin, well below market levels.
Bitcoin mining revenues reached $ 187.3 million for quarter, 33% more sequential, while adjusted Ebitda increased 46% to $ 121.9 million.
On the AI side, Iren is accelerating the expansion, the report said. Bitcoin’s miner quadrupled his hashrada and added another megavatio of power capacity, now totaling 3 MW, with a higher expected growth in fiscal year 2025.
The hashrate refers to the total combined computational power used to extract and process transactions in a chain of work test blocks, and is a proxy of competition in industry and mining difficulty.
Canaccord also pointed out the recent designation of Iren as Nvidia (NVDA) Preferred partner, which came almost simultaneously with the announcement of the purchase of additional 2,400 GPUs.
With 2,910 MW of insured energy capacity and some of the lowest cash costs in the industry, Canaccord argues that I will be positioned to become one of the largest and most efficient miners in the public list, with a significant optionality in high performance computing.
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