Brokerage Canaccord, in a research report released on Tuesday, noted that the bitcoin mining company Iris Energy (IREN) has the potential to become one of the most efficient and largest publicly listed bitcoin miners. It is expected that Iris Energy will start its high-performance computing (HPC) pilot project in Childress, Texas, in the latter half of this year. According to analysts led by Joseph Vafi, the company plans to build a 510 megawatt (MW) data center in 2024, acquiring 2160 MW of power capacity, and has over 1 gigawatt (GW) of development plans. With Canaccord's positive assessment, Iris Energy's target price was increased to $15, while maintaining a buy rating. On Wednesday morning, Iris Energy's trading price on Nasdaq rose 1.6%, reaching $11.06 per share.