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IREN (IREN) reported fourth-quarter results that highlighted accelerated advancement successful some its bitcoin mining and artificial quality infrastructure businesses, according to a Friday probe study by broker Canaccord Genuity.
The broker reiterated its bargain standing connected the banal and hiked its terms people 60% to $37 from $24, citing stronger visibility successful some mining and AI gross streams.
In aboriginal trading, shares are higher by 25% to $28.75.
The company’s mining portion reached an annualized gross tally complaint supra $1 billion, powered by 50 exahash per 2nd (EH/s) of capableness and 1 of the industry’s astir businesslike fleets astatine 15 J/TH, operating connected 3.5 cent/kWh power, analysts led by Joseph Vafi wrote. That translates into a $36,000 outgo to excavation a bitcoin, good beneath marketplace levels.
Bitcoin mining gross came successful astatine $187.3 cardinal for the quarter, up 33% sequentially, portion adjusted EBITDA jumped 46% to $121.9 million.
On the AI side, IREN is accelerating expansion, the study noted. The bitcoin miner quadrupled its hashrate and added different megawatt of powerfulness capacity, present totaling 3 MW, with further maturation expected successful fiscal 2025.
The hashrate refers to the full combined computational powerfulness utilized to excavation and process transactions connected a proof-of-work blockchain, and is simply a proxy for contention successful the manufacture and mining difficulty.
Canaccord besides noted IREN's caller designation arsenic an NVIDIA (NVDA) preferred partner, which came astir simultaneously with the announcement of the acquisition of an further 2,400 GPUs.
With 2,910 MW of secured powerfulness capableness and immoderate of the lowest all-in currency costs successful the industry, Canaccord argues IREN is positioned to go 1 of the largest and astir businesslike publically listed miners, with important optionality successful high-performance computing.
Read more: IREN Posts First Full-Year Profit connected AI Cloud Growth, Mining Expansion; Shares Climb
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