IREN produced 402 BTC in the third quarter, compared with 2,039 BTC a year earlier, according to Bitcoin.com News. Third-quarter bitcoin mining revenue dropped 88% year over year to $28 million. IREN expects to have largely finished converting to an AI cloud business by December 31, 2026, while retaining limited mining activity in 2027. IREN shares closed at $18.03 on November 5 after falling 17%.