12 Best Cryptocurrency Stocks to Buy According to Wall Street

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10. Iris Energy Limited (NASDAQ:IREN)

Average Upside Potential: 8.70%

Iris Energy Limited (NASDAQ:IREN) owns, builds, and operates data centers and electrical infrastructure to mine Bitcoin. The company’s business model has been built on sustainably-mined Bitcoin. The founders Dan and Will saw a chance to capitalize on excess renewable energy and support energy networks while having an early conviction on Bitcoin. As a sustainable Bitcoin miner, the company’s sites are powered by 100% renewable energy. The company’s facilities are optimized for Bitcoin mining, AI cloud services, and other power-dense compute.

Iris Energy Limited holds a unique position in an emerging market by using low-cost excess renewable energy to keep costs low, support communities, and solve the energy market challenges. It has a solid portfolio comprising 260MW of operating data centers, expanding to 510MW in 2024. Among its peers, Iris qualifies as a large-scale miner with its strong Bitcoin mining hashrate.

For October, the firm’s monthly revenue increased by 32% to $28.2 million, driven by a ramp-up in operating hashrate to 21 exahashes per second and higher Bitcoin prices. IREN’s AI Cloud Services division is commissioning an additional 1,080 NVIDIA H200 GPUs, more than doubling its existing AI capacity. The division is expected to generate approximately $32 million in annualized hardware profit by the end of December 2024. Another update from the company is that the target energization date for the firm’s 1.4GW substation at its West Texas data center project has been brought forward to April 2026.

As a leading next-generation data center business powering the future of Bitcoin and AI with a strong market position and the potential for continuous growth, Iris Energy Limited (NASDAQ:IREN) is one of the largest publicly listed Bitcoin miners.

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