IREN (IREN) reported fourth-quarter results that highlighted rapid progress in both its bitcoin mining and artificial intelligence infrastructure businesses, according to a Friday research report by broker Canaccord Genuity.

The broker reiterated its buy rating on the stock and hiked its price target 60% to $37 from $24, citing stronger visibility in both mining and AI revenue streams.

In early trading, shares are higher by 25% to $28.75.

The company’s mining unit reached an annualized revenue run rate above $1 billion, powered by 50 exahash per second (EH/s) of capacity and one of the industry’s most efficient fleets at 15 J/TH, operating on 3.5 cent/kWh power, analysts led by Joseph Vafi wrote. That translates into a $36,000 cost to mine a bitcoin, well below market levels.

Bitcoin m

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