IREN soars 11% after mining more Bitcoin than MARA in July
Main Idea
IREN Ltd's shares surged 11.4% after the company reported higher Bitcoin mining output and revenue than MARA Holdings in July, alongside expansion into AI with NVIDIA GPUs.
Key Points
1. IREN mined 728 Bitcoin in July, surpassing MARA's 703, with an average hashrate of 45.4 EH/s compared to MARA's 58.9 EH/s.
2. IREN's revenue for July was $86 million, with $2.3 million coming from its AI business using NVIDIA Blackwell GPUs.
3. IREN's market cap reached $4.11 billion, making it the second-highest among public Bitcoin miners, overtaking Riot Platforms and Core Scientific.
4. IREN's shares rallied over 227% in the past four months, recovering from a low of $5.59 in April to $18.32.
5. Short-selling firm Culper Research previously labeled IREN as 'wildly overvalued,' but the company has since demonstrated strong performance.
Description
Shares in IREN Ltd closed trading on Wednesday up 11.4% after it reported mining more Bitcoin than MARA Holdings in July.
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