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

The revenue crossover is the real story here: AI cloud revenue at $200 million now dwarfs what mining brings in, which makes the exit look less like a retreat than a reallocation toward the faster-growing line. For the mining sector, IREN joins a broader pattern of hashrate operators repurposing power and data-center capacity for AI compute, a shift that affects miners weighing similar pivots and the counterparties depending on their hashrate. The open question is whether AI cloud growth holds at this pace once mining revenue is fully gone and the cost base is restructured.