Ren (Iren) reported fourth quarter results that have highlighted rapid progress in its Bitcoin and Artificial Intelligence Intelligence Intelligence Infrastructure Activities, according to a Friday research report by the Canaccord Genuity broker.
The broker reiterated its purchase rating on action and increased its price target by 60% to $ 37, compared to $ 24, citing stronger visibility in mining and AI sources of income.
At the start of negotiations, shares are 25% higher than $ 28.75.
The mining unit of the company has reached an annualized income rate of more than $ 1 billion, powered by 50 exams per second (Eh / s) of capacity and one of the most effective fleets in the industry at 15 J / TH, operating on a power of 3.5 cents / kWh, wrote the analysts led by Joseph Vafi. This results in a cost of $ 36,000 to operate a bitcoin, well below the market levels.
Bitcoin extraction income reached $ 187.3 million for the quarter, up 33% sequentially, while the adjusted Ebitda jumped $ 46% to $ 121.9 million.
On the AI side, Iren accelerates expansion, noted the report. The bitcoin minor has quadrupled his hashrate and added another megawatt of electrical capacity, now totaling 3 MW, with additional growth expected during the 2025 fiscal year.
The hashrate refers to the total combined calculation power used to exploit and treat transactions on a blockchain of evidence of work, and is an indirect indicator of competition in the industry and mining difficulties.
Canaccord also noted the recent designation of Iren as a Nvidia (NVDA) Favorite partner, which came almost simultaneously with the announcement of the purchase of 2,400 additional GPUs.
With 2,910 MW of guaranteed energy capacity and some of the all-in-in-the-level cash costs, Canaccord maintains that Iren is positioned to become one of the most important and most effective publicly listed minors, with a significant high performance computer option.
Find out more: Iren publishes a first profit in full year on the growth of the AI cloud, mining expansion; Sharing sharing
