- IREN mined 728 BTC in July, surpassing MARA’s 703 BTC
- Despite a lower hashrate, IREN’s more than 90% fleet utilisation outperformed MARA’s less than 75%
- IREN’s share price surged 11.4% to US$18.32 and its market cap hit US$4.11b.
Australian Bitcoin miner IREN Limited has outperformed its main rival, MARA Holdings, becoming the industry leader in hashrate efficiency and production for July. IREN mined 728 BTC for the month, outproducing MARA’s 703 BTC despite operating with a smaller average hashrate of 45.4 EH/s versus MARA’s 58.9 EH/s.
The key differentiator was IREN’s operational capacity – over 90% of its mining fleet was active, compared to less than 75% for MARA. This enabled IREN to convert its hashrate more efficiently into mined Bitcoin even as mining difficulty and energy requirements climbed.
Alongside record production, IREN posted US$86 million (AU$132.34 million) in revenue for July, including US$2.3 million (AU$3.54 million) from its growing artificial intelligence (AI) cloud services. The company is expanding beyond cryptocurrency mining by acquiring 2,400 NVIDIA Blackwell GPUs, with 256 units already delivered.
We delivered another month of record revenue of $86m and record hardware profits of $66m in July, supported by strong Bitcoin mining economics and continued demand for our AI Cloud services.
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A Turnaround in Investor Confidence
The strong performance triggered a surge in IREN’s share price, which rose 11.4% to US$18.32 (AU$28.18) on Wednesday. This gain brought the company’s market capitalisation to US$4.11 billion (AU$6.33 billion), placing it just behind MARA among publicly listed Bitcoin miners.
MARA still maintains a significant Bitcoin treasury, holding approximately 50,639 BTC valued at over US$5.8 billion (AU$8.93 billion).
IREN’s rise is notable given that just a year ago, it was criticised by Culper Research as being “wildly overvalued”. Since April, its share price has jumped more than 227%, rebounding from a low of US$5.59 (AU$8.60).
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