Sydney-based crypto mining firm Iren Limited (NASDAQ: IREN) has overtaken Marathon Digital Holdings (NASDAQ: MARA) in both Bitcoin production and fleet utilization for the month of July, according to the company’s latest operational update released on Wednesday.
Iren mined 728 BTC in July, beating MARA’s 703 BTC. It also ran over 90% of its machines, while MARA had less than 75% of its fleet active. That pushed Iren to the top spot in terms of mining power, with an average hashrate of 45.4 EH/s, slightly ahead of MARA’s 43.94 EH/s.
July was also big for the overall Bitcoin network, which crossed 900 EH/s in hashrate for the first time ever. Iren made about $114,891 per BTC, and thanks to lower electricity costs (around $27,976 per coin), it brought in $63.3 million in mining profit, roughly a 76% margin.
Altogether, Iren made $86 million in revenue last month, another record for them. Most of it ($83.6 million) came from Bitcoin mining, but their growing AI Cloud unit added $2.3 million. That AI business is running strong too, with a 98% hardware profit margin, helped by the rollout of over 4,300 NVIDIA B200/B300 GPUs, including 256 Blackwell GPUs that are already fully booked.
Iren’s co-founder and co-CEO, Daniel Roberts, said the company’s record revenue and strong mining performance in July highlight the scalability of its dual focus on Bitcoin mining and AI infrastructure.
On the infrastructure front, Iren has secured 810 MW of data center capacity, including its upcoming 50 MW Horizon 1 liquid-cooled AI data center in Childress, Texas, set for Q4 2025. Other ongoing projects include civil and electrical works at the 1,400 MW Sweetwater 1 site and a completed dual-fiber upgrade at Mackenzie.
While MARA remains the second-largest corporate Bitcoin holder with 50,639 BTC worth over $5.8 billion, its July output was down from 950 BTC in June. Other miners, like CleanSpark (CLSK) and Cipher Mining (CIFR), also reported mixed production figures. CleanSpark mined slightly less Bitcoin in July but expanded its treasury to 12,700 BTC, while Cipher mined 214 BTC, sold 52 BTC, and now holds 1,219 BTC.
Despite Iren’s operational success, JPMorgan recently forecasted that hybrid miners, such as Iren, which are diversifying into AI infrastructure, may underperform pure-play miners due to longer sales cycles and execution risks. Nonetheless, IREN stock was up over 11%, trading at $18.32, while MARA rose nearly 2% to $15.91 at the time of publication.
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