Shares in IREN Ltd surged 11.4% on Wednesday after IREN reported stronger Bitcoin mining performance than industry leader MARA Holdings in July. The company’s revenue for the month came in at $86 million, largely driven by its mining activities.
IREN outperforms despite smaller hashrate
IREN reported mining 728 Bitcoin in July, exceeding MARA’s 703 BTC despite operating a smaller hashrate of 50 exahashes per second (EH/s), compared to MARA’s 58.9 EH/s. The company’s average hashrate for the month was 45.4 EH/s, indicating that the majority of its machines stayed online and productive. This strong performance comes at a time when mining difficulty has increased, putting pressure on profitability across the industry.
People can be extremely bias in the Bitcoin miners community, I see a lot of hate towards $IREN from folks that hold other miners, calling $IREN a hype?!? But can’t back it up with facts, the facts are $IREN mgmt team executing flawlessly and delivered on what they set out plus… pic.twitter.com/OoCqcU8xqx
— TheCambodianBitcoiner (@Wuteang) August 6, 2025
Shares and market cap surge
As a result of the July mining success, IREN’s stock price closed at $18.32 on Wednesday, pushing its market capitalization to $4.11 billion. This puts the company in second place among public Bitcoin miners, only behind MARA. The share price increase represents a significant rebound for IREN, which had previously been flagged as “overvalued” by short-sellers.
Diversification into artificial intelligence
While Bitcoin mining remains its core business, IREN is also expanding into the artificial intelligence sector. The company made $2.3 million in revenue from its AI cloud services in July. IREN purchased 2,400 Nvidia Blackwell GPUs in early July, signaling a commitment to both Bitcoin mining and AI infrastructure. Co-CEO Daniel Roberts highlighted the growing demand for its AI products, noting that the company’s infrastructure can support both Bitcoin mining rigs and GPUs, positioning IREN to capture emerging market opportunities.
IREN’s July results come a year after short-seller Culper Research criticized the company’s ability to compete in high-performance computing, specifically in AI. The firm’s shares had dropped to a low of $5.59 in April, but have since rebounded 227%, reflecting renewed investor confidence in its mining and AI ventures.