IREN Ltd’s shares rose 11.4% on Wednesday, fueled by its impressive Bitcoin production in July. The company mined 728 Bitcoin (BTC), surpassing MARA Holdings, which mined 703 Bitcoin, showcasing IREN’s effective operations despite a lower hashrate.
In July, IREN reported total revenue of 86 million USD, demonstrating strong financial performance even amidst rising mining difficulties. The company’s ability to maintain an average hashrate of 45.4 EH/s highlighted its operational efficiency in a competitive environment.
Moreover, IREN is diversifying its business operations with a push into artificial intelligence, generating 2.3 million USD in revenue through its AI cloud services. This pivot illustrates IREN’s strategy to expand beyond Bitcoin mining and seize emerging market opportunities.
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