Prominent research firm Compass Point raised the stock recommendation for Iris Energy (IREN). Earlier it was neutral while now the recommendation for bitcoin miner stocks moved to buy. This instance made a positive impact on Iris Energy. So did reflect on its share price which experienced a slight upsurge.
Analyst Chase White highlighted a positive response for the bitcoin miner firm. She shared in a note to the clients that the company has enough potential that it can boost its hashrate lined in already. This will also make it increase the production of its bitcoin. IREN did the same in August this year when it secured extra computing power from Bitmain at a relatively lower cost.
Additionally, the analyst also thinks that if the bitcoin miner goes on to follow its predetermined strategy, its stocks will be capable of being traded at premium in comparison to mining firms with small capitalization.
Currently, the stock price of Iris Energy is around 4.48 USD with a growth of over 5% in a day, at the time of writing. The expected stock price of Compass Point is 6.50 USD.
In August, Iris Energy was reported to be bringing bitcoin mining machines online with a capacity of 41 megawatts. This installation in British Columbia was done over a month earlier than its planned schedule.
In a press release, it said that with addition of these new mining machines, the operating bitcoin hashrate of the company increased by over two times. This computing power that is hashrate on the Bitcoin network was 2.3 EH/s. It further added that it will need more than 50 MW of energy capacity in order to gain 1.4 EH/s. This was also expected to be achieved by the end of September, 2022.
Source: https://www.thecoinrepublic.com/2022/09/17/iris-energy-stock-price-rise-amidst-its-bitcoin-hashrate-increase/