There are few bitcoin miners with the same power at their disposal as Iris Energy, Canaccord said in a report on Tuesday. “The company is building 510 MW of data centers in 2024, secured 2,160 MW of power capacity, and has a 1 GW plus development pipeline,” analysts wrote. The broker raised its target for the company to $15 from $12 while maintaining its buy rating. Iris Energy was trading 3% higher at $11.23 in pre-market trading on Nasdaq. Earlier this month, Iris shares slumped 14% after a short seller said its Childress, Texas site was not suitable for hosting AI or high-performance computing. “We think management will be opportunistic in expanding the use case for its data centers beyond bitcoin mining and is well-prepared from a power, cooling, and network perspective,” Canaccord wrote.
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