Iris Energy (IREN) sank some 7% Wednesday in its first session following what had seemed like a well-received IPO that priced above range, valuing the ecofriendly Bitcoin miner at about $1.6B. IREN opened unchanged from its $28 IPO price, but quickly fell some 10% to $25.22 shortly before noon ET. The company’s IPO had earlier priced well above the $25-$27/share range that Iris Energy (IREN) had expected. IREN aims to mine Bitcoin (BTC-USD) in a low-cost, ecofriendly manner by locating its facilities in inexpensive areas with access to abundant green energy. For example, while IREN has headquarters in Australia, the company operates its flagship data center in Canada’s British Columbia at a site that has access to lots of hydroelectric power. “We target development in regions where we can access abundant and/or under-utilized renewable energy,” IREN wrote in a profile on its Web site. “We believe that as Bitcoin continues
