IREN Ltd. (NASDAQ:IREN) saw a 5.5 percent increase in share prices on Wednesday, closing at $19.76 per share as investors anticipate its upcoming earnings report on August 28. The company achieved a 50 EH/s operating hash rate target, aiming to generate $830 million in annual hardware profit.

In July, IREN Ltd. (NASDAQ:IREN) reported a 27.6 percent increase in Bitcoin production, generating $83.6 million in revenues from 728 units mined. The company also benefited from an 8.66 percent higher Bitcoin price, reaching $114,891. While IREN shows potential, some believe AI stocks offer better returns with limited downside risk.

Read more at Yahoo Finance: IREN Ltd. (IREN) Jumps as Investors Optimistic Ahead of Earnings