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A 10-26 IREN Limited Public
US:IREN

Please compare Iren, Cipher, hut8, hive, Riot, bitfarms, applied digital and terawulf

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It's insightful to compare these key players in the Bitcoin mining and digital infrastructure space. While each company operates within a similar sector, their scale, operational efficiencies, and strategic focuses can vary significantly. Here's a comparative overview of the companies you mentioned, drawing on their latest reported metrics:

Comparative Overview of Digital Asset Miners

Company Latest Period Hashrate (EH/s) BTC Mined (Latest) Cost per BTC (Approx.) Cash/BTC Holdings (Latest) Institutional Ownership (% Float) Short Interest (% Float)
Riot Platforms (RIOT) Q2 2025 35.4 1,426 BTC (Q2 2025) $48,9921 19,273 BTC & $330M cash (Q2 2025)1 60.12% 24.19%2
IREN Limited (IREN) June 2025 50 (installed) 620 BTC (June 2025) $26,259 (electricity)3 Not specified 53.54%4 14.76%5
HIVE Digital (HIVE) Sep 2025 19.4 (avg) 267 BTC (Sep 2025) Not specified Not specified 20.67%6 5.61%7
Bitfarms (BITF) Q1 2025 19.5 693 BTC (Q1 2025) $72,300 (total cash)8 1,492 BTC & ~$150M liquidity (Q1 2025)9 33.15% 7.85%10
Cipher Mining (CIFR) Q2 2025 ~15.7 Not specified ~$24,686 (Odessa electricity)11 Not specified 20.35% 21.11%12
TeraWulf (WULF) Q2 2025 12.8 485 BTC (Q2 2025) $45,555 (power)13 $90M cash/BTC (Q2 2025)13 37.49% 31.05%14
Hut 8 (HUT) Q2 2025 9.3 (Q1 2025) 167 BTC (Q1 2025) $58,757 (Q1 2025)15 10,667 BTC (Q2 2025)16 36.73% 17.43%17
Applied Digital (APLD) Q4 FY2024 2.0 (hosting) Not specified Not specified $132.8M cash (Q4 FY2024)18 47.88% 31.02%19

Note: Hashrate and BTC mined figures are from the latest available reports, which may vary by company (e.g., monthly vs. quarterly). Cost per BTC figures are approximate and may not be directly comparable due to different calculation methodologies (e.g., electricity cost vs. all-in cost). Institutional ownership and short interest percentages are dynamic and reflect the latest available Fintel data.

Key Observations:

  • Scale and Production: Riot Platforms and IREN Limited appear to lead in terms of reported hashrate and Bitcoin production. Riot reported 35.4 EH/s and 1,426 BTC in Q2 2025,1 while IREN hit an installed hashrate of 50 EH/s and mined 620 BTC in June 2025.3 HIVE Digital is also scaling rapidly, reporting an average of 19.4 EH/s in September 2025 and targeting 25 EH/s by American Thanksgiving.20
  • Cost Efficiency: IREN Limited reported a notably low net electricity cost per Bitcoin mined at $26,259 in June 2025.3 Cipher Mining also shows competitive electricity costs for its Odessa facility at ~$24,686 per BTC in Q2 2025.11 These figures are crucial post-halving.
  • Balance Sheet Strength: Riot Platforms holds a significant Bitcoin treasury of 19,273 BTC and $330 million in cash as of Q2 2025,1 indicating a strong HODL strategy. Hut 8 also maintains a substantial Bitcoin reserve of 10,667 BTC.16 TeraWulf reported $90 million in cash and Bitcoin, but also $500 million in debt.13
  • Institutional Sentiment & Short Interest: Companies like Riot Platforms, IREN, and Applied Digital show relatively high institutional ownership, suggesting a degree of confidence from larger investors. Conversely, TeraWulf, Applied Digital, and Riot Platforms exhibit higher short interest percentages relative to their float,14 which could indicate bearish sentiment or potential for short squeezes if catalysts emerge.
  • Diversification: Several companies, including IREN, HIVE, Bitfarms, and TeraWulf, are actively pursuing high-performance computing (HPC) and AI initiatives to diversify revenue streams beyond pure Bitcoin mining.21 Applied Digital's business model is largely focused on hosting digital infrastructure, including HPC, rather than just self-mining Bitcoin.18

For a deeper dive into any of these companies' institutional ownership or short interest trends, you can explore their respective Fintel pages. For example, you can find detailed ownership data for Riot Platforms at Fintel RIOT2 or short interest for TeraWulf at Fintel WULF.14

1Statements in this presentation that are not statements of historical fact are forward-looking statements that reflect management’s current expectations, assumptions, and estimates of future performance and economic conditions, and are not guarantees
2RIOT / Riot Platforms, Inc. - Short Interest
3Kent Draper, CCO, presenting at BTC Vegas (May 2025)
4DE:F8P / IREN Limited - Institutional Ownership
5IREN / IREN Limited - Short Interest
6CA:HIVE / HIVE Digital Technologies Ltd. - Institutional Ownership
7HIVE / HIVE Digital Technologies Ltd. - Short Interest
8FORM 51-102F3 MATERIAL CHANGE REPORT
9BITFARMS LTD.
10BITF / Bitfarms Ltd. - Short Interest
11Presentation for Business Update AUGUST 7, 2025 Forward-Looking Statements This communication contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking
12CIFR / Cipher Mining Inc. - Short Interest
13TeraWulf Reports Second Quarter 2025 Results On schedule and on budget to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025. Advanced process to secure additional HPC customers; targeting 200–250 MW operational by year-end 2026. B
14WULF / TeraWulf Inc. - Short Interest
15Three Months Ended
16Three Months Ended
17HUT / Hut 8 Corp. - Short Interest
18APLD / Applied Digital Corporation - Short Interest
19FORM 51-102F3 MATERIAL CHANGE REPORT
20TeraWulf Reports First Quarter 2025 Results Commenced buildout of dedicated HPC data halls and remain on track to deliver 72.5 MW of gross HPC hosting infrastructure to Core42 in 2025. Initiated process to secure additional HPC customers; targeting 2
21To view an enhanced version of this graphic, please visit:
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