IREN's bitcoin mining revenue drops 58% as firm plans full exit by year-end

What happened

IREN reported bitcoin mining revenue of $28 million for the three months ended September 30, down 58% from the prior quarter and 88% from a year earlier. It mined 402 bitcoin and said it aims to substantially shift data center capacity to AI cloud by December 31, 2026.

Confirmed

Global impact / market context

The decline in mining revenue and output shows that bitcoin mining is becoming a smaller part of IREN’s business as it redirects data center capacity. If AI cloud revenue continues to grow, it could replace some lost mining income, but the transition depends on completing the planned shift and sustaining customer demand.

Analyst inference

IREN reported quarterly revenue of $228 million, up 66% from the prior quarter, with about $200 million from AI cloud, up 182%. This contrasts with weaker mining revenue and reflects the company’s changing revenue mix; the article also says MARA and CleanSpark have moved toward AI infrastructure.

Confirmed

What to watch

1. Track whether IREN substantially completes its planned data center transition by December 31, 2026, and whether bitcoin mining remains immaterial through 2027 as stated. Confirmed
2. Watch whether AI cloud revenue can sustain its reported growth; weaker demand or delayed capacity conversion could leave less revenue to offset falling bitcoin mining income. Analyst inference
3. Compare future mining output and operating hashrate, the computing power used to mine bitcoin, with AI cloud revenue to see how quickly IREN’s business mix changes. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• theblock.co