IREN Ltd's shares surged 11.4% following the company's report of mining 728 Bitcoin in July, outperforming MARA Holdings' 703 BTC. Despite a smaller hashrate of 50 EH/s compared to MARA's 58.9 EH/s, IREN achieved $86 million in revenue for the month. The company's market cap has now reached $4.11 billion, positioning it as the second-largest public Bitcoin miner. IREN's growth is also attributed to its diversification into AI, generating $2.3 million in revenue from its cloud business. Co-founder Daniel Roberts emphasized the firm's ability to operate Bitcoin mining rigs alongside AI GPUs, showcasing its adaptability. This strong performance marks a significant rebound for IREN, a year after facing criticism from Culper Research regarding its valuation and strategy.