IREN Limited (NASDAQ:IREN) is one of the 7 Best ASX Stocks to Buy Now. On June 5, IREN Limited (NASDAQ:IREN) released its monthly update for May 2025, wherein it saw record monthly revenues in Bitcoin mining. This was driven by increased Bitcoin prices and higher average operating hashrate. Furthermore, a record number of Bitcoins were mined during the month. With respect to Bitcoin Mining, the company was able to maintain robust and resilient margins, with increased electricity costs during the month being mitigated by higher bitcoin prices (>70% monthly hardware profit margin YTD).
A table full of technology, with bitcoin mining rigs and a laptop showing a financial graph. In Bitcoin Mining, IREN Limited (NASDAQ:IREN) saw revenues of $64.7 million in May 2025, with revenue per Bitcoin coming at $103,345. The company continues to make progress throughout its AI verticals. At Childress, it is executing on its Horizon 1 AI Data Center at pace. With subcontractors mobilized for the installation of the packaged chiller plant, its mechanical and piping contractors remain fully onboarded, and fabrication plans have been advancing. IREN Limited (NASDAQ:IREN) also highlighted that the project is on track for delivery in Q4 2025. While we acknowledge the potential of IREN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IREN and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None.