IREN announced $86.0 million of total revenue in its July update from its combined bitcoin mining and AI Cloud operations.
In its bitcoin mining segment, IREN increased average operating hashrate from 41.1 EH/s in June to 45.4 EH/s in July. The company mined 728 BTC—up 17% from the 620 BTC mined in June—generating $83.6 million of mining revenue. IREN’s electricity costs averaged $27,976 per Bitcoin, resulting in $63.3 million of mining profit and a 76% margin.
The AI Cloud Services division contributed $2.3 million of revenue, compared with $2.2 million in June. IREN achieved a 98% hardware profit margin on that revenue, resulting in a $2.3 million AI Cloud hardware profit. IREN expanded its GPU fleet to over 4,300 NVIDIA B200/B300 units, with the initial shipment of 256 Blackwell GPUs fully contracted.
On the infrastructure side, IREN has secured 810 MW of data-center capacity. Its 50 MW Horizon 1 liquid-cooled AI data center in Childress, Texas, remains on schedule for Q4 2025 delivery. A dual-fiber upgrade at Mackenzie is complete, and civil and electrical works are under way at the 1,400 MW Sweetwater 1 site.
The 17% month-over-month growth in bitcoin mined contrasts with a few pure-play miners which saw slight decreases in bitcoin production in July. MARA and CLSK both experienced slight declines in their month-over-month bitcoin production, while RIOT saw an 8% increase.
JP Morgan released coverage last week, forecasting that hybrid miners like IREN would underperform pure-play miners given long sales cycles and uncertain deal timelines.
Read More: Pure-play miners to outperform as HPC hybrids look stretched: JPMorgan
At time of publication, IREN is up 0.9% during pre-market hours.
