Iris Energy Stock Price Rise Amidst its Bitcoin Hashrate Increase
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Well-known research firm Compass Point raised its stock recommendation for Iris Energy (IREN). Previously it was neutral, while now the recommendation on bitcoin mining stocks has shifted to buy. This incident had a positive impact on Iris Energy. I also saw its share price, which experienced a slight increase.
Analyst Chase White emphasized the positive response to the bitcoin mining company. He shared a note with clients that the company has enough potential to raise the bar already there. This also makes it increase the production of bitcoins. IREN did the same in August of this year when it got more computing power from Bitmain at a relatively lower cost.
Furthermore, the analyst also believes that if the bitcoin miner continues to follow its predetermined strategy, its shares may trade at a higher price compared to small-cap miners.
Currently, Iris Energy’s share price is around 4.48 USD and is up over 5% per day as of this writing. Compass Point’s expected share price is $6.50.
In August, Iris Energy was reported to be bringing bitcoin miners online with a capacity of 41 megawatts. This installation in British Columbia was completed more than a month ahead of schedule.
The press release said that with the addition of these new miners, the company’s bitcoin hashrate more than doubled. This computing power, which is the hashrate of the Bitcoin network, was 2.3 EH/s. It further added that it needs more than 50 MW of energy capacity to get 1.4 EH/s. This was also intended to be achieved by the end of September 2022.