IREN soars 11% after mining more Bitcoin than MARA in July

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.