Bitcoin miner IREN's mining revenue fell 58% quarter-over-quarter last quarter.
Original headline比特币矿企 IREN 上季度挖矿收入环比下降 58%
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IREN’s quarterly mining revenue fell 58% quarter-over-quarter to $28 million in the period ended September 30, down from $67 million, as output dropped to 402 BTC from 2,039 a year earlier and average operating hashrate declined to 8.8 EH/s from 45.3 EH/s. The bitcoin miner’s total quarterly revenue still rose 66% QoQ to $228 million, driven by AI cloud revenue that grew 182% QoQ to about $200 million. IREN plans to largely complete its shift from bitcoin mining to AI cloud infrastructure by the end of 2026, with only a small mining operation expected in 2027. The results highlight how AI compute demand is overtaking mining as the company’s core growth driver even as BTC production scales back.
Muhabbit's AI wrote this summary in its own words from TechFlow's report and translated it from Chinese. It can get details wrong, so check the source.
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IREN, Bitcoin (BTC), The Block
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