Cowen initiates Stronghold Digital Mining, Iris Energy with Outperform on hash rate growth

Renewable bitcoin miners Stronghold Digital Mining (NASDAQ:SDIG) and Iris Energy (NASDAQ:IREN) gets initiated at Cowen with an Outperform rating on the basis of its misread hash rate growth, according to a note written to clients. Still, shares of SDIG are off by about 50% from when it first started trading on October of last year. SDIG also has an appealing hash rate growth pathway that is not priced in, strengthened by the role coal refuse plants play in improving the environment, Cowen highlights. Similarly, Iris Energy (IREN) has a fully contracted multi-year pathway for hash rate growth that is not priced in thanks to the company's proprietary data centers, Cowen writes in a separate note to clients. Looking forward, "we expect management updates on low power cost development sites entering construction to help alleviate execution risks," the note says. Overall, SDIG falls the most among the two ecofriendly BTC miners since Dec.