IREN Tops MARA in July Bitcoin Production with Record Realized Hashrate

IREN emerged as the top publicly traded bitcoin mining firm by realized hashrate in July, overtaking MARA in both production and fleet utilization.

The Sydney-headquartered miner produced 728 BTC during the month, outpacing MARA despite MARA’s larger deployed fleet of 58.9 EH/s.

IREN’s output translated to a realized hashrate of 45.50 EH/s, representing 91% of its deployed capacity of 50 EH/s — a higher realization rate that maximizes the utilization of its installed fleet.

By comparison, MARA produced fewer bitcoins with a realized hashrate of 43.94 EH/s, operating at 74.59% of its deployed capacity.

Other miners also expanded output in July as Bitcoin’s monthly average network hashrate climbed above 900 EH/s for the first time, recovering from June’s curtailment.

Cipher Mining’s realized hashrate jumped 26.46% to 13.4 EH/s following the energization of its Black Pearl facility, while Cango Inc. posted a 36.67% surge to 40.7 EH/s after acquiring 18 EH/s from Bitmain’s financing arm, Antalpha.

The four largest publicly traded Bitcoin miners by realized hashrate — IREN, MARA, CleanSpark, and Cango — captured 19.07% of total Bitcoin block rewards in July, marking their highest combined market share to date, despite three of them operating at less than 90% of deployed capacity.