Bitcoin miner IREN has strengthened its position in the market, posting Q4 revenue of $187.3M and an adjusted EBITDA of $121.9M, according to Canaccord Genuity. The firm raised its price target 60% to $37, citing the company’s highly efficient mining operations.
IREN operates 50 EH/s with one of the lowest power costs in the sector at 3.5 cents/kWh, translating to a $36,000 cost per bitcoin. The company has 2,910 MW of secured power, giving it significant scale and flexibility.
Canaccord highlighted that IREN is now positioned as one of the largest and most efficient publicly listed miners, with further optionality in high-performance computing and AI.
