Giant Investment Firm Increases Price Target for Bitcoin Company by 30 Percent

Canaccord Genuity, an investment firm that manages $570 million, attracted attention with the report it shared about the Bitcoin mining company.

Canaccord included Bitcoin miner Iris Energy in its recent report. While it was stated that Iris Energy is moving to become the leader of the industry, the company's price target was increased from 12 dollars to 15 dollars.

In the report, it was highlighted that Sydney-based Iris Energy attracted attention with its high-performance computer options and extensive energy resources.

The company has made significant strides in Bitcoin mining, cloud computing, and artificial intelligence (AI) deployment, with pilot projects starting in the second half in Childress, Texas.

Canaccord analysts stated that Iris Energy will build a 510 megawatt (MW) data center in 2024 and has a total energy capacity of 2,160 MW. They also added that they have a development pipeline of over 1 gigawatt (GW).

Iris Energy's share price rose 1.6% to $11.06 on Nasdaq today. Mining stocks have been re-evaluated in recent months with Core Scientific's artificial intelligence deal.

This shows that artificial intelligence and high-performance computing (HPC) opportunities may offer alternative and more profitable use scenarios in the field of Bitcoin mining.

Things seem to be going well for now for Bitcoin mining companies, which have managed to attract billions of dollars of cash flow in the past 2 weeks.