After Bitcoin Miner posted revenue of $86 million in July, Iren Limited shares rose 11.4%, surpassing the industry’s heavyweight Mala Holdings in Bitcoin production.
On Wednesday, Aylen reported that he mined 728 Bitcoin (BTC) in July. Compared to Mala’s 58.9 EH/s, Mala’s 703 BTC was mined over the same period despite the small hashrate.
Aylen reported an average July hashrate of 45.4 EH/s, indicating that the majority of the machines are productive online throughout the month.
Aylen’s strong outcome comes amid the recent increase in the difficulty of mining, driving energy consumption and pressure miners’ profitability, unless they adapt to more efficient equipment and reduced energy costs.
Although Mara’s performance in July has been low since June, it is behind solid second quarter revenue, which has led to revenues up 64% year-on-year to $238 million. It also holds the second largest Bitcoin Treasury at 50,000 BTC, and tracks only Michael Sayler’s strategy.
Ayren is on a double digit stage
IREN Ltd (Iren) shares rose 11.4% to $18.32 on Wednesday, but most rival Bitcoin miners closed the day with a profit of 1% to 5%.
The news also boosted Iren’s market capitalization to $4.1 billion. This is the second highest among public Bitcoin miners, overtaking the riot platform, scientific core scientific, and behind only Mara.
Aylen continues to expand into AI
Aylen said $2.3 million of its total revenue of $86 million in July was due to the expansion of its artificial intelligence cloud business, part of the company’s plans to diversify beyond Bitcoin mining.
Daniel Roberts, co-founder and co-CEO of Iren, said he saw a “accelerating interest” in the Nvidia Blackwell GPU, which was created to power AI. Aylen purchased 2,400 GPUs in early July, while Roberts added an initial delivery of 256 units.
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Roberts has added a company running Bitcoin mining rigs and GPUs side by side. “It highlights the adaptability of the infrastructure and its ability to capture future market opportunities.”
Ayren was once pinned as “overrated”
Aylen’s July results came about 12 months after Calper Research, the short-selling company, said Aylen was “a massively overvalued,” and the company spoke “big games” about high-performance computing without investing enough to seriously compete in AI.
Calper compared Aylen’s efforts to compete to win the Monaco Grand Prix, but arrived at the Toyota Prius truck.
Since then, Aylen’s shares have fallen to $5.59 from $12.31 in April, but have won more than 227% in the past four months to $18.32.
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