IREN’s stock surged by 11 percent on the news that it produced more Bitcoins in July than MARA Holdings.
Whereas IREN mined 728 BTC, the 703 BTC mined by MARA makes it possible to notice that IREN maintains a lower hashrate capacity (50 EH/s) as opposed to MARA, which has a hashrate capacity of 58.9 EH/s. The result gave IREN the position of the most dominant hashrate-efficient Bitcoin miner.
IREN Outpaces Rivals in Efficiency and Revenue
In July 2009, IREN utilized more than 90 percent of its fleet compared to 75 percent utilization by MARA. IREN performed at an average of 45.4 EH/s in the month, earning 114,891 USD per Bitcoin. MARA came in a notch slower with 43.94 EH/s. Even though the mining difficulty and energy costs rose for IREN, it reported a total revenue of 86 million and hardware profit of 66 million in the month.
Results were attributed to the high utilization of the fleets and robust demand in the mining and AI cloud segments, as stated by co-CEO Daniel Roberts. IREN also met with revenue for its computing business of $2.3 million. The company’s core efficient performance has also enhanced investor confidence, in spite of increasing operational costs.
AI Expansion and Market Capitalization Growth
In July, IREN bought 2,400 Nvidia Blackwell GPUs to increase its AI Cloud Services division. It is in these efforts that it is involved in its wider plan of operating both mining and GPU operations concurrently. IREN has access to a power capacity of 2,910 MW and runs a vertically integrated infrastructure model (full service colocation and cloud hosting).
As far as market cap is concerned, IREN surpassed Riot platforms and Core Scientific and reached $4.11 billion. It has become the second-largest publicly traded company dealing with Bitcoin mining, coming second only to MARA. Its shares have risen more than 227 percent since April, when they slipped to $5.59 after a short-seller report.
Competitor Performance and Industry Standing
MARA produced less BTC in July (950) than it had in June (960), even though its hashrate capacity is high. The company is still the second-largest corporate owner of Bitcoin, holding 50,639 BTC. Its share price increased by 2.0177 percent and is currently climbing to $15. 91. CleanSpark and Cipher Mining also experienced an increase in BTC production and treasury growth. CleanSpark has more than 12,700 BTC that it has mined itself and keeps financing its activity. Cipher produced 214 BTC in July and holds 1,219 BTC.
Culper Research had earlier criticised IREN’s AI approach and termed the company overvalued. Nonetheless, IREN’s swift recovery and good July performance have changed the market’s attitude.
The post IREN Surges 11% After Outproducing MARA in Bitcoin Mining first appeared on Coinfea.
