CryptoNov 7, 2026, 4:49 AM UTC·1 min read

IREN bitcoin mining revenue falls 58% as firm plans full exit by year-end

IREN's bitcoin mining revenue dropped 58% as the company prepares to leave mining by year-end, while its AI cloud revenue jumped 182% to $200 million.

Rows of servers in a data center, illustrating IREN's shift from bitcoin mining to AI cloud infrastructure. — Image: The Block

IREN's bitcoin mining revenue fell 58% in its latest results, and the company plans to exit mining completely by the end of the year. The decline reflects a deliberate change of direction rather than a sudden collapse in demand: IREN has been steering its business toward AI infrastructure.

The growth is on the other side of the ledger. IREN's AI cloud revenue rose 182% in the past quarter to $200 million, according to the company. That figure shows how quickly the AI business is scaling as the mining operation winds down.

A business built around a different customer

Bitcoin mining depends on the price of a volatile asset and on the network's reward economics. An AI cloud business sells computing capacity to customers who need it for AI workloads. By moving from one to the other, IREN is changing both its revenue mix and the kind of risks its results are exposed to.

For shareholders, a full exit by year-end would mean the company's performance is judged almost entirely on its AI infrastructure segment. Quarterly updates will therefore be read mainly for how fast AI cloud revenue grows from the $200 million level and how the company delivers capacity to customers.

What to watch

The key milestone is the year-end target for leaving mining. Until then, mining revenue should keep shrinking as operations are phased out, which will weigh on the headline comparison with earlier periods even if the AI side continues to expand.

The next results will show whether the 182% pace of AI cloud growth holds once mining no longer contributes to the top line, and whether the company can keep scaling the business it has chosen to focus on.

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Tags:irenbitcoin miningai cloudai infrastructureearnings