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IREN reports 58% drop in bitcoin mining revenue as it shifts to AI
IREN generated $28 million in bitcoin mining revenue for the three months ending Sept. 30, a 58% decline from the prior quarter’s $67 million. The firm mined 402 BTC during the period, down sharply from 2,039 BTC in the same time last year, while its average operating hashrate dropped to 8.8 EH/s, compared to 45.3 EH/s previously. IREN stated it plans to largely finish transitioning from bitcoin mining to AI infrastructure by Dec. 31, 2026. It anticipates that minor bitcoin mining activities will persist through 2027.
Revenue for the quarter increased 66% from the previous quarter, reaching…
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