Broker Canaccord said in a research note on Tuesday that Iris Energy (IREN) is on track to become one of the most efficient and largest publicly traded bitcoin miners and will launch its high-performance computing (HPC) pilot project in Childress, Texas, later this year. "The company will build 510 trillion watts (MW) of data centres in 2024, get 2.16 quadrillion watts of power capacity and have development plans of more than 1 gigawatt (GW)," wrote analysts led by Joseph Vafi. Canaccord raised its price target to $15 from $12, while maintaining its buy rating. Iris Energy was trading 1.6 per cent higher at $11.06 on Nasdaq in early trading on Wednesday.