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IREN Outshines MARA with Record Bitcoin Production
Australian Bitcoin miner IREN Limited has claimed the title of industry leader in hashrate efficiency and production for July 2025, surpassing its main competitor, Marathon Digital Holdings (MARA). IREN successfully mined 728 BTC during the month, in contrast to MARA’s 703 BTC, all while employing a lower average hashrate of 45.4 EH/s compared to MARA’s 58.9 EH/s.
Operational Efficiency at its Core
A significant factor contributing to IREN’s triumph lies in its operational capacity. Over 90% of IREN’s mining fleet was active, whereas less than 75% of MARA’s fleet was engaged in mining. This high utilisation enabled IREN to convert its available hashrate into mined Bitcoin more effectively, even amid rising mining difficulty and increased energy demands.
Growing Revenues and Diversification
In addition to its impressive Bitcoin production, IREN reported record revenues of US$86 million (about AU$132.34 million) for July. This figure also includes US$2.3 million (AU$3.54 million) derived from the company’s fledgling artificial intelligence (AI) cloud services. IREN is diversifying its portfolio by acquiring 2,400 NVIDIA Blackwell GPUs for its AI Cloud services, with 256 units already delivered.
Daniel Roberts, Co-CEO of IREN, commented:
"We delivered another month of record revenue of $86 million and record hardware profits of $66 million in July, supported by strong Bitcoin mining economics and continued demand for our AI Cloud services."
Surge in Share Prices and Market Capitalisation
IREN’s strong financial performance prompted a significant increase in its share price, which soared by 11.4% to US$18.32 (AU$28.18) on a recent Wednesday. This upward movement elevated the company’s market capitalisation to US$4.11 billion (approximately AU$6.33 billion), placing it just behind MARA in the league of publicly listed Bitcoin miners.
Though MARA retains a considerable Bitcoin treasury, holding around 50,639 BTC valued at over US$5.8 billion (AU$8.93 billion), IREN’s remarkable turnaround demonstrates investor confidence in its operational strategies and growth potential.
Remarkable Recovery
Notably, IREN’s resurgence is striking, as it faced scrutiny from Culper Research just one year ago for being "wildly overvalued." Since April, its share price has surged over 227%, rebounding from a low of US$5.59 (AU$8.60).
In summary, IREN’s record-breaking production, innovative expansion into AI services, and notable share price increases underscore its significant role in the evolving landscape of Bitcoin mining amidst growing competition.
