Bitcoin Mining Revenue Collapses 58% as IREN Targets Full Exit by December 31
IREN sits 16% above its 52-week low of $17.155 on elevated volume (2.7× avg).
Summary
Bitcoin mining revenue fell to $28 million in the September quarter, down 58% from $67 million sequentially and 88% from $233 million a year earlier. IREN mined 402 BTC versus 2,039 BTC a year ago, with average operating hashrate dropping to 8.8 EH/s from 45.3 EH/s, and it held no bitcoin on the balance sheet at quarter-end because it sells mined coins daily. The company says it will substantially complete the shift of that data center capacity to AI Cloud by December 31, 2026, with only immaterial mining continuing through calendar 2027. The offset is already visible in the Q1 FY27 numbers filed November 5: total revenue rose 66% sequentially to $228 million on roughly $200 million of AI Cloud revenue, while the net loss narrowed to $263 million from $684 million. Shares fell 17% Thursday to close at $18.03 amid a broader AI and tech selloff, so the mining wind-down is now a rounding error next to the AI buildout — the question is whether the $20.6 billion asset base and contracted backlog with Nvidia, Microsoft and 13 other customers can carry the valuation.
At the time of this announcement, IREN was trading at $19.93 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $7.3B. The 52-week trading range was $17.16 to $76.87. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: The Block.