Iris Energy’s stock is on the rise after the company reported a 42% increase in revenue and a 21% decrease in electricity costs per Bitcoin in September. Analysts remain optimistic about the company’s future, with a majority issuing buy ratings and an average price target suggesting potential upside.
CleanSpark, MicroStrategy, and Marathon Digital Holdings shares initially jumped in sympathy with Iris Energy after the company reported strong Bitcoin mining revenue and increased capacity. However, the gains were short-lived as the broader market trended downwards.
Iris Energy’s shares surged on Thursday after the company reported record Bitcoin mining revenue and a significant increase in its hash rate for fiscal year 2024. The company is on track to reach ambitious growth goals, prompting analysts to maintain a positive outlook on the stock.
Iris Energy is rapidly expanding its Bitcoin mining operations, aiming to reach 50 EH/s by 2025, which would place them among the top U.S.-listed miners. The company is investing in efficiency improvements and exploring new partnerships to achieve this ambitious goal, despite facing challenges like contract losses.
Iris Energy, a leading Bitcoin mining company, reported record fiscal-year Bitcoin mining revenue of $184.1 million, driven by increased hash rate and higher Bitcoin prices. The company also mined a record 4,191 Bitcoin and expanded its AI cloud services. Despite rising electricity costs, Iris Energy remains on track to reach its 2024 goals.
