Australia-based Iren Limited (IREN) has emerged as the top Bitcoin mining company by hashrate, overtaking Marathon Digital (MARA) in both production and fleet utilization, according to a company announcement released Wednesday.
In July, Iren mined 728 BTC, edging past MARA’s 703 BTC, while utilizing over 90% of its mining fleet. The company reported an average operational hashrate of 45.4 EH/s, earning $114,891 per Bitcoin mined. MARA, in contrast, recorded 43.94 EH/s with under 75% of its fleet online.
The milestone comes as Bitcoin’s total network hashrate crossed 900 EH/s for the first time last month, underscoring the increasing computational power securing the blockchain.
Iren’s July performance also included a record $86 million in revenue and $66 million in hardware profits, fueled by robust Bitcoin economics and strong demand for its AI cloud services. Additionally, its compute division brought in $2.3 million in revenue.
While Iren diversifies into high-performance computing, MARA remains a pure-play Bitcoin miner. In June, MARA recorded 950 BTC mined—its highest monthly output since the 2024 halving.
IREN stock surged over 11% to $18.32, while MARA climbed nearly 2% to $15.91, per The Block’s data.
Other Miners Expand Treasuries
Elsewhere in the mining sector, CleanSpark (CLSK) reported growing its self-mined Bitcoin holdings to over 12,700 BTC. CEO Zach Bradford emphasized that the company continues to self-fund operations through strategic Bitcoin sales, avoiding equity dilution.
Cipher Mining (CIFR) mined 214 BTC in July, sold 52 BTC, and increased its treasury to 1,219 BTC.
MARA remains the second-largest corporate holder of Bitcoin, with 50,639 BTC valued at more than $5.8 billion.
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Source: https://coindoo.com/iren-overtakes-mara-as-worlds-top-bitcoin-miner-by-hashrate/