According to Odaily, brokerage firm Canaccord released a research report on Tuesday indicating that Iris Energy (IREN) is poised to become one of the most efficient and largest publicly listed Bitcoin mining companies. The company is set to launch its high-performance computing (HPC) pilot project in Childress, Texas, in the second half of this year. Analysts, led by Joseph Vafi, noted that Iris Energy plans to construct a 510-megawatt (MW) data center in 2024, secure 2160 MW of power capacity, and has over 1 gigawatt (GW) of development plans in the pipeline. Canaccord has raised the company's target stock price from $12 to $15 while maintaining a buy rating. On Wednesday morning, Iris Energy's trading price on Nasdaq increased by 1.6% to $11.06.