BTIG initiated coverage of IREN (IREN) with a Buy rating and $22 price target IREN is a vertically integrated bitcoin miner with 28 EH of installed hash and 460MW of operational power infrastructure in North America, the analyst tells investors in a research note. The firm says the company is in the process of adding 350MW, which should boost capacity to 50 EH. BTIG believes IREN is near the low end of the cost curve with 93% of its total contracted power capacity in Texas and one of the most efficient mining fleets amongst peers. The company has power infrastructure which could secure some high performance computing work, the firm contends.
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