THE BLOCK · 2026-11-06 04:29 UTC

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

IREN reported bitcoin mining revenue of $28 million in the three months ended Sept. 30, down 58% quarter-over-quarter and 88% year-over-year. The company plans to substantially complete its transition from bitcoin mining to AI cloud and data center operations by Dec. 31, 2026. Quarterly revenue rose 66% sequentially to $228 million, driven by roughly $200 million in AI cloud revenue, while shares fell 17% on Thursday to $18.03 amid an AI and tech sell-off.

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