Markets
What you need to know (or pretend you know):
- Following IREN’s latest quarterly results, the fine folks at Canaccord decided that $37 is the new magic number-up from $24-thanks to their AI and mining wizardry.
- IREN’s Q4 bitcoin mining revenue? A cool $187.3 million, with an industry-leading fleet that mines at $36,000 per bitcoin. Not bad for a day’s work!
- IREN’s shares are riding the wave, soaring 25% as they strut into Friday like a rockstar at a sold-out concert.
So, what’s the big deal? IREN (because acronyms are fun) just reported a fourth-quarter haul that shows it’s not just mining bitcoin, but also dabbling in artificial intelligence like it’s the next big thing. According to Canaccord Genuity, the stock is set for a big boost, with the price target skyrocketing by a whopping 60%. That’s more than most people’s yearly raise!
In the early morning rush, shares are up 25%, now flaunting a price tag of $28.75. Who said money doesn’t grow on trees? It’s like finding a $100 bill in the laundry, but with way more zeros involved.
The mining unit alone pulled in an annualized revenue of over $1 billion. Not bad, eh? This wasn’t some backyard operation, either. They have 50 exahash per second (that’s a fancy unit of mining power) and one of the most efficient fleets in the biz. Their cost to mine a single bitcoin is $36,000-way lower than the rest of the pack. It’s almost like they’re getting bitcoins on sale.
Bitcoin mining revenue for the quarter came in at $187.3 million, a 33% jump from the previous quarter, and EBITDA (earnings before the fun stuff) skyrocketed by 46%. These guys aren’t just mining-they’re printing money! 💰
On the AI front, IREN’s pushing forward like a kid on Christmas morning. They’ve added another megawatt to their power capacity, now totaling 3 MW. More power, more money. It’s like having a turbo boost in a video game. They’re also on track to level up in fiscal 2025. It’s the kind of expansion that gets venture capitalists giddy.
For the geeks in the crowd: the hashrate is the combined computational power used to mine and process blockchain transactions. If it were a race, IREN’s hashrate is like a Ferrari while the competition is still learning to drive a stick shift. 🏎️
Oh, and let’s not forget: IREN is now a preferred partner with NVIDIA (NVDA). Yes, you read that right-NVIDIA, the tech giant. They’re also buying 2,400 GPUs, because why not? If you’re going to dominate, you might as well have the best gear, right?
With 2,910 MW of secured power capacity and some of the lowest costs in the industry, Canaccord believes IREN could soon be the biggest and baddest publicly-listed miner. Think of them like the Godzilla of the crypto mining world-except with better electricity bills.
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2025-08-29 17:41