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What's Going On With Bitcoin Miner Iris Energy's Stock?

What's Going On With Bitcoin Miner Iris Energy's Stock?
Iris Energy Limited NASDAQ:IREN shares are trading higher Tuesday amid increased interest in cryptocurrency-related stocks. Here's a look at what's going on. The Details:Ethereum spiked Monday afternoon amid growing optimism surrounding the potential approval of spot Ethereum ETFs after analysts ra…

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Iris Energy Limited shares are on the rise as interest in cryptocurrency-related stocks increases. Ethereum and Bitcoin have both seen significant increases, with Ethereum up 21.9% and Bitcoin up 3.8% over the past 24 hours. Iris Energy reported its first-quarter results, stating that it mined 1,003 Bitcoin for the quarter, but lower production was driven by a higher global hashrate rate. Bitcoin mining revenue was $53.4 million, compared to $42 million in the second quarter of fiscal year 2024. Analysts have an average 1-year price target of $9.85 for Iris Energy shares, representing an expected upside of 40.31%. Currently, Iris Energy shares are up 17% at $7.44. No analysts have bearish recommendations on Iris Energy, while 10 analysts have bullish ratings.