Bitcoin News Today: Bitcoin Miner IREN Powers Past Rivals With AI and Efficiency Boost

IREN Limited (IREN) surged nearly 14% in after-hours trading following the release of record second-quarter earnings, marking a significant milestone for the company. Quarterly revenue for the period ended June 30 amounted to $187.3 million, a 226% year-on-year increase and contributing to a record $501 million in fiscal year revenue [8]. The company reported $176.9 million in net income, signaling a return to profitability driven primarily by its Bitcoin mining operations. During the quarter, IREN mined 728 BTC, outpacing MARA Holdings , which mined 703 BTC, and achieved 50 exahashes per second in installed Bitcoin mining capacity [8].

IREN’s Bitcoin mining operations continue to benefit from rising revenues and efficiency improvements. The company reported $141.2 million in Bitcoin mining revenues during the third quarter of fiscal 2025, a 24% year-over-year increase, and mined 1,514 bitcoins compared to 1,347 in the prior quarter [1]. The average revenue per Bitcoin mined reached $105,730 in June, reflecting strong pricing dynamics and efficient operations [1]. Net electricity costs per Bitcoin mined also decreased to $26,259 in June from $27,033 in May, indicating improved cost management [1].

Beyond Bitcoin, IREN has been aggressively expanding its AI Cloud services, now a key pillar of its strategy. AI Cloud services revenue rose 33% year-on-year to $3.6 million in the third quarter of fiscal 2025, and the company has secured NVIDIA Preferred Partner status to enhance its access to cutting-edge GPU technology [7]. IREN recently acquired an additional 1.2k air-cooled NVIDIA B300s and 1.2k liquid-cooled NVIDIA GB300s, expanding its GPU fleet to 10.9k units [7]. The company also secured $96 million in non-dilutive financing to support the purchase of the GB300s, which will be installed at its Prince George campus [7]. This expansion positions IREN to capture strong demand in the AI market and drive the next phase of its AI Cloud revenue growth [6].

IREN is also focused on long-term infrastructure development to support its growing operations. The company has secured 2,910 MW of grid-connected power across more than 2,000 acres in the U.S. and Canada, with an additional multi-gigawatt development pipeline [7]. Its next-generation data centers are purpose-built for power-dense computing applications and are underpinned by 810 MW of operating capacity [7]. IREN plans to install 60,000 of NVIDIA’s Blackwell GPUs at its British Columbia site in Canada, with a long-term goal of reaching $200 million to $250 million in annualized AI revenue by December [8].

The company's strong financial performance has been reflected in its stock price, which has surged 312.2% over the past four months [8]. Shares closed up nearly 3.1% at $23.04 on Thursday and rose another 13.9% in after-hours trading following the earnings report [8]. IREN has also resolved a three-year legal dispute with creditor NYDIG, reaching a confidential settlement over $105 million in defaulted equipment loans tied to around 35,000 Antminer S19s [8]. The company's shares have outperformed the Zacks Finance sector, with a year-to-date return of 134.1% compared to the sector’s 11.8% [1].

IREN Limited’s continued success in Bitcoin mining and AI Cloud services highlights its strategic position in both the cryptocurrency and AI markets. With expanding GPU capacity, strong operational metrics, and a robust financial position, the company is well-positioned to sustain its momentum and deliver long-term value to shareholders.

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