IREN Overtakes MARA in July Bitcoin Mining

Bitcoin miner IREN mined 728 BTC in July, outperforming MARA despite lower hashrate. Revenue hit $86M and market cap surged to $4.1B. AI cloud business contributed $2.3M.

IREN beats MARA in Bitcoin production despite lower hashrate

Shares of IREN rose by 11.4% after the firm reported 728 BTC mined in July. This figure surpassed MARA Holdings, which mined 703 BTC during the same period. Notably, IREN achieved this with a smaller deployed hashrate of 50 EH/s compared to MARA’s 58.9 EH/s.

The average operational hashrate for IREN stood at 45.4 EH/s. This indicates high uptime across its mining machines. As mining difficulty rises, such efficiency becomes essential to maintain profitability.

Revenue growth and AI expansion

IREN reported $86 million in revenue for July and reached a market capitalization of $4.11 billion. The firm now ranks second among public Bitcoin miners, behind only MARA. AI operations brought in $2.3 million.

To support expansion, IREN purchased 2,400 Nvidia Blackwell GPUs. By July, 256 had been delivered. Co-founder and co-CEO Daniel Roberts highlighted increasing AI demand and praised the adaptability of IREN’s infrastructure.

From doubted to dominant

Twelve months ago, Culper Research labeled IREN “overvalued” and incapable of competing in AI. But the firm’s performance defied expectations. IREN’s share price jumped from $5.59 in April to $18.32 — a 227% increase.

Now, IREN stands as a diversified, fast-growing player in both Bitcoin mining and AI infrastructure.