Iren LTD’s shares broke out 11.4% after Bitcoin Miner recorded $ 86 million in revenue for July, outperforming heavy industry Mara Holdings in Bitcoin production.
On Wednesday, Iren reported to the mining 728 Bitcoin (BTC) in July, beating 703 BTC de Mara during the same period despite a smaller deployed hashrate – 50 exams per second (EH / S) compared to the 58.9 EH / S of Mara.
Iren reported an average hashrate in July 45.4 EH / S, indicating that a majority of its machines have remained online and productive throughout the month.
The solid results of IREN arise in an increase in mining difficulty recently, increasing energy consumption and exerting pressure on the profitability of minors unless they adapt with more effective equipment or more efficient energy costs.
Mara’s performance in July underperforming from June, but came to the rear of solid profits from the second quarter which saw its income jump from 64% to annual sliding at 238 million dollars. It also contains the second larger bitcoin treasure at 50,000 BTC, following only Michael Saylor’s strategy.
Ren two -digit sharing
The shares of Iren LTD (IREN) closed on Wednesday increased from 11.4% to $ 18.32, while most rival bitcoin minors closed the day to gains between 1% and 5%.
The news also pushed IREN’s market capitalization to $ 4.11 billion, the second higher among Bitcoin public minors, exceeding riot platforms and the main scientists and nest workers behind Mara.
Iren continues the expansion in AI
Iren said that $ 2.3 million in its total dollar income in July came from its expanding artificial intelligence cloud, part of the company’s plans to diversify beyond the extraction of bitcoin.
The co-founder of Iren and CO-PDG Daniel Roberts said that he saw “accelerating interest” for his NVIDIA Blackwell GPU to feed the AI. Iren bought 2,400 GPUs in early July, Roberts adding that he saw an initial delivery of 256 units.
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Roberts added the company being operating Bitcoin and the GPU side by side “underlines the adaptability of our infrastructure and our ability to seize the opportunity of the upcoming market”.
Iren once pinned as “overvalued”
IREN’s results in July occur approximately 12 months after the short company, Culper Research, said that Ireen was “extremely overvalued” and that the company had spoken of a “big game” on high performance computer without investing enough to compete seriously in AI.
Culper compared Iren’s efforts to participate in the competition to win the Monaco Grand Prix, but arriving on the track in a Toyota Prius.
Since then, Iren’s shares have increased from $ 12.31 to up to $ 5.59 in April, but have joined more than 227% to $ 18.32 in the last four months.
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