B. Riley analyst Lucas Pipes raised the firm’s price target on IREN (IREN) to $16 from $15 and keeps a Buy rating on the shares. As of December 17, BTC has increased by around 53% since Election Da after reaching an all-time high above $107k, and during the same period, the global hash rate has risen by 11%, but peaked at around 890 EH/s for a brief period, the analyst tells investors in a research note. IREN recently announced the location of its 1.4 GW Sweetwater data center project in West Texas and is exploring multiple pathways for this site, including BTC mining and AI-related opportunities, such as co-location services, B. Riley adds.
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