IREN - Iris Energy resumed with Buy rating at Citi as high-risk on bitcoin rout

• Citi Research analyst Jim Suva on Tuesday has resumed coverage of eco-friendly cryptocurrency miner Iris Energy ( NASDAQ: IREN ) with a Buy/High Risk rating due to the slump in bitcoin ( BTC-USD ).
• Suva noted that his rating was similar to his restriction that was implemented in March, when bitcoin ( BTC-USD ) was trading at $44K. But bitcoin is off over 50% since then, changing hands at $21.45K as of shortly before 10:00 a.m. ET.
• "The swings in the market value of its Bitcoin output directly impacts the revenues, earnings, and stock price," Suva wrote in a note to clients.
• In addition to bitcoin's ( BTC-USD ) drop, electricity and building costs, for instance, are rising amid multi-decade high inflation. That adds pressure to the company's bottom line results.
• The Buy rating diverges from the average Wall Street Analysts' Strong Buy rating (4 Strong Buy, 1 Hold).
• Previously, (August 9) Iris Energy mines 4.1% more bitcoins in July than prior month .

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