Shares in IREN Ltd closed trading on Wednesday up 11.4% after the company reported mining more Bitcoin than MARA Holdings in July. IREN mined 728 Bitcoin, surpassing MARA's 703 BTC, while utilizing a smaller hashrate of 50 exahashes per second (EH/s) compared to MARA’s 58.9 EH/s. IREN's reported average hashrate over July was 45.4 EH/s, indicating high machine productivity. The firm earned $86 million in revenue, with $2.3 million from its growing artificial intelligence cloud business, suggesting a diversification strategy. IREN's market cap rose to $4.11 billion, making it the second-largest public Bitcoin miner after MARA. This strong performance comes despite an earlier critique labeling IREN as 'wildly overvalued,' as shares fell to $5.59 but have since rallied over 227% to their current price of $18.32. The company’s adaptability in running both Bitcoin mining rigs and GPUs for AI signals its commitment to capturing market opportunities amidst increasing energy consumption pressures.

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