IREN Mined 402 Bitcoin as It Targets an AI Cloud Transition by Year-End

IREN mined 402 Bitcoin (BTC) in the third quarter, down from 2,039 a year earlier, as it moves toward an AI cloud business, a transition it expects to largely complete by Dec. 31.

Average operating hashrate was 8.8 EH/s, compared with 45.3 EH/s in the same period a year earlier. Bitcoin mining revenue fell 88% to $28 million. IREN held no BTC at the end of September.

IREN had $20.6 billion in total assets, including $6 billion in data-center assets. Its customer agreements involved 15 clients. The company expects to retain a small amount of mining activity in 2027.

IREN’s AI cloud revenue growth and $28 million in Bitcoin mining revenue provide context for the transition.