Shares in IREN Ltd rose 11.4% after it reported mining more Bitcoin than MARA Holdings in July, with IREN producing 728 Bitcoin compared to MARA's 703 BTC. IREN achieved this despite having a smaller deployed hashrate (50 EH/s vs. MARA's 58.9 EH/s). The company’s average hashrate for July was 45.4 EH/s, indicating effective operations of its machinery. In total, IREN generated $86 million in revenue, with $2.3 million from its AI cloud business, which is part of its strategy to diversify beyond Bitcoin mining. This surge in performance contrasts with MARA's revenue growth of 64% year-on-year to $238 million, though it underperformed compared to June. IREN's market cap rose to $4.11 billion, making it the second-largest public Bitcoin miner, surpassing its rivals. Previously criticized for being overvalued by Culper Research, IREN has since seen its shares rebound significantly from a low of $5.59 to $18.32 in four months.

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