IREN's mining income falls 58% as it shifts capacity to AI cloud
IREN reported that bitcoin mining revenue fell to $28 million in the quarter to September 30, and plans to fully exit mining by the end of 2026.
- published on Newsmetry
- original source published
the same feed is available to bots and dashboards through the api. connect the api →
what happened
According to The Block, citing IREN's 10-Q filing, the company earned $28 million from bitcoin mining in the three months ended September 30. That is 58% lower than the previous quarter's $67 million and 88% below the $233 million a year earlier.
IREN mined 402 BTC, against 2,039 BTC in the same quarter last year, while average operating hashrate dropped from 45.3 EH/s to 8.8 EH/s. The company held no bitcoin at the end of September because it sells mined coins daily. IREN said it aims to finish moving its data centers to AI cloud by December 31, 2026, with immaterial mining continuing through 2027.
Total quarterly revenue rose 66% from the prior quarter to $228 million, with AI cloud contributing about $200 million. The net loss narrowed to $263 million from $684 million. Nasdaq-listed shares fell 17% on Thursday to close at $18.03, amid a broader sell-off in AI and tech stocks.
why it matters
For miners, this signals that bitcoin mining is no longer the main revenue source even for large operators. Mining economics depend on hashprice, electricity costs and the BTC price, so weak returns make it more attractive to redirect capacity to AI cloud, where IREN already earns most of its revenue. The share drop coincided with a sector-wide sell-off, so the reaction to the report is hard to separate from the wider market.
market impact
IREN and mining: exiting bitcoin mining cuts its share of network hashrate and weighs on the company's shares
- IREN shares pressure down — mining revenue fell sharply as capacity moves to AI cloud
tags
instruments
sources
- IREN’s bitcoin mining revenue drops 58% as firm plans full exit by year-end — The Block, 6 November 2026 at 04:29 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
alerts on your topics, the morning digest and the api — in your account.
get stories in real time ↗