- IREN’s Bitcoin mining revenue fell 58% quarter-on-quarter to $28 million in the September quarter.
- The company plans to substantially complete its transition from Bitcoin mining to AI cloud services by December 31, 2026.
- AI cloud revenue reached around $200 million, helping total quarterly revenue rise 66% from the previous quarter.
Bitcoin Mining Revenue Sees Sharp Decline
Bitcoin mining firm IREN has seen significant declines in its mining revenues as it looks to move away from its Bitcoin mining operations and into the AI and high performance computing space.
Bitcoin mining revenues at the group fell to $28 million in the latest quarter, down 58% sequentially from $67 million. This compares to an 88% decrease from $233 million in the prior year period.
The group mined 402 Bitcoin in the latest period, down from 2,039 Bitcoin mined last year. The group’s average operational hashrate fell significantly to 8.8 EH/s from 45.3 EH/s.
The company said it is still running some Bitcoin miners but looking to move their datacentre capacity into AI cloud solutions. It wants to largely complete this move by December 31, 2026, but has potential to run some small scale mining operations until 2027.
Growing AI Revenues
In March 2025 the company announced that it would no longer grow its Bitcoin mining business but instead turn its attention to AI cloud and datacentre infrastructure.
The latest results show that this is starting to have an impact on the group’s revenues. Total revenues grew sequentially by 66% to $228 million. AI Cloud revenues grew to roughly $200 million, up 182% sequentially. Adjusted EBITDA rose to $66 million from $19 million. Net losses were reduced to $263 million.
THE BLOCK: IREN’s revenue hit $228 million for the quarter ended Sept. 30, as AI Cloud revenue surged 182% quarter on quarter to $200 million while Bitcoin mining revenue fell to $28 million. $IREN
The company continues shifting focus to AI infrastructure, with mining operations expected to wind down by year-end.
— The Block (@TheBlockCo) November 6, 2026
The group said it had $20.6 billion in total assets, with $6 billion of these being datacentre related. It also said that these assets and revenues are backed by contracts with customers including Nvidia, Microsoft and 13 other customers.
Other Mining Groups Look To AI
IREN is not the only bitcoin miner to look to change their strategy. MARA and CleanSpark have also begun to look to AI infrastructure. Creating and running datacentres for AI companies has proven to be an attractive option for miners as they already have experience running large facilities and power infrastructure.
However this does come with some risk in the market. IREN’s shares on the Nasdaq fell 17% on Thursday to close at $18.03. Bernstein analysts have given the company an Outperform rating and increased their price target to $55. They noted that the company has power assets and can control the speed of its future growth.
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