IREN Ltd, a Bitcoin mining company, reported its July results leading to significant stock price increases and strengthening its market position.
Bitcoin Mining Performance in July
IREN reported generating $86 million in revenue, including mining 728 Bitcoin in July. This surpassed MARA Holdings, which mined 703 Bitcoin in the same month, despite IREN's lower hashrate of 50 EH/s compared to MARA's 58.9 EH/s. IREN's average hashrate for July was 45.4 EH/s, indicating high equipment efficiency.
Share Price Surge for IREN
IREN Ltd's shares closed at $18.32, reflecting an increase of 11.4% from the previous trading session. While competitors in the Bitcoin mining sector showed gains between 1% to 5%, IREN's market capitalization rose to $4.11 billion, making it the second largest among public Bitcoin miners.
Expansion into AI Sector
IREN also indicated that $2.3 million of its total July revenue came from its expanding artificial intelligence cloud business. Co-founder Daniel Roberts noted an increasing interest in their NVIDIA Blackwell GPUs designed for AI. IREN purchased 2,400 of these units in early July, and Roberts added that they received an initial delivery of 256 units.
IREN's July results showcased significant growth for the company amid increased mining difficulty and growing interest in AI technologies, suggesting potential for stable long-term growth.
