IREN Shares Surge 11.4% Amid Strong July Mining Output and AI Diversification
Shares in publicly-traded Bitcoin miner IREN Ltd (IREN) jumped 11.4% to $18.32 on Wednesday after the company reported stronger-than-anticipated Bitcoin mining results for July.
IREN stated it mined 728 BTC during the month, besting MARA Holdings despite employing a lower average hashrate of 45.4 EH/s compared to MARA’s 45.4 EH/s (Note: Original article has a value difference between quoted total hashrate and average, using the average figure). IREN reported total deployed processing power of 50 EH/s for July.
This performance occurred despite a recent increase in mining difficulty, which raises operational costs, suggesting IREN maintained high machine utilization.
IREN reported $86 million in July revenue. The company is also expanding beyond Bitcoin mining, with $2.3 million of its July revenue attributed to its growing AI cloud services.
IREN’s market capitalization climbed to $4.11 billion, making it the second-largest public Bitcoin miner by market value, surpassing Riot Platforms and Core Scientific.
Icing on the Cake: Strong July Mining Performance
IREN mined 728 BTC in July, outpacing MARA (703 BTC) despite a lower average deployed hashrate of 45.4 EH/s during the month compared to MARA’s 58.9 EH/s total for the period.
The AI Angle: Diversification Pays Off
IREN confirmed $2.3 million in revenue from its AI cloud computing business in July. The company sourced 2,400, new NVIDIA Blackwell GPUs in early July and has seen initial deliveries commence, citing growing demand for this hardware, which powers both its mining operations and AI offerings.
IREN CEO Daniel Roberts highlighted the synergy from running both mining rigs and GPUs, stating it “underscores the adaptability of our infrastructure and our ability to capture market opportunities.”
Valuation Fluctuations: From Sell-Off to Rally
The stock surge follows a period of significant decline. A year prior, short-selling firm Culper Research declared IREN “overvalued,” citing a lack of serious investment in AI infrastructure despite ambitions in the field. Culper suggested IREN was competing without adequate resources.
IREN’s stock dropped from $12.31 twelve months ago to a low of $5.59 in April. However, the stock has recovered strongly, rising over 227% to its current price amid positive performance and diversification progress.
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