Bitcoin miner IREN tops MARA in BTC output despite smaller hashrate, signals strength amid rising difficulty
IREN Ltd shares soared 11.4% on Wednesday, closing at $18.32, after reporting it mined more Bitcoin in July than industry heavyweight MARA Holdings, despite operating with a smaller hashrate footprint.
The company revealed it mined 728 BTC in July, narrowly beating MARAâs 703 BTC. This performance came despite IRENâs deployed hashrate of 50 exahashes per second (EH/s) being smaller than MARAâs 58.9 EH/s. IREN said its average hashrate during July was 45.4 EH/s, indicating a high level of uptime and machine efficiency.
“The numbers show a strong operational backbone and efficiency despite challenging network conditions,” noted one mining industry analyst.
IREN posted $86 million in revenue for July, including $2.3 million from its AI cloud services division, part of its broader diversification strategy. The double-digit stock rally pushed IRENâs market capitalization to $4.11 billion, making it the second-largest public Bitcoin miner by market cap, trailing only MARA.
“Weâre seeing accelerating interest in our NVIDIA Blackwell GPUs,” said co-founder and co-CEO Daniel Roberts, referencing the firmâs recent acquisition of 2,400 GPUs in early July. The initial delivery of 256 units is already operational.
IRENâs AI Expansion and Industry Adaptability
IREN continues to diversify its infrastructure, running Bitcoin mining rigs alongside high-performance AI GPUs. The move highlights IRENâs adaptability and pursuit of long-term resilience as mining difficulty rises and energy costs tighten margins across the sector.
“This dual approach underscores the flexibility of our infrastructure and positions us to capture market opportunities ahead,” Roberts added.
Overcoming Skepticism
The results mark a notable rebound from last yearâs criticism, when short-seller Culper Research claimed IREN was âwildly overvaluedâ and not truly investing in AI. One year later, IRENâs growing AI revenue and mining output may signal a turnaround in investor perception.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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