Bitcoin miner IREN Ltd saw its stock surge 11.4% after outperforming industry giant MARA in July’s BTC production, despite having a smaller hashrate. IREN mined 728 BTC, edging past MARA’s 703 BTC.
Its average hashrate stood at 45.4 Exahashes per second —lower than MARA’s 58.9 Exahashes per second —but strong uptime kept IREN productive. The company posted $86M in revenue for the month, navigating rising mining difficulty and energy costs effectively.
IREN’s performance lifted its market cap to $4.11B, making it the second-largest public Bitcoin miner behind only MARA.
Meanwhile, MARA had a slower July but remains a dominant force with a 50,000 BTC treasury, second to MicroStrategy. July’s mining update suggests IREN’s infrastructure is operating at peak efficiency.
The market rewarded this momentum, with IREN shares closing at $18.32. The broader mining sector gained between 1–5% that day. Analysts point to IREN’s growing competitiveness as a sign of increased decentralization and maturing operations in the global mining ecosystem.
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