⛏️ Bitcoin miner IREN: Mining revenue down to just $28 million, while AI cloud revenue surges to $200 million?
IREN announced its Q1 FY2026 results on November 5 (quarter ended September 30): total revenue was $228 million, up 66% quarter over quarter and above analysts’ estimate of $221 million.
📊 Revenue mix has flipped
• AI cloud revenue: $200 million, up 182% quarter over quarter (from $71 million last quarter), including $135 million in services and $65 million in leases
• BTC mining revenue: $28 million (down from $67 million last quarter and $233 million in the same quarter last year)
• Mined just 402 BTC this quarter, compared with 2,039 in the same quarter last year
• AI cloud gross margin: 86%
💸 Profitability hasn’t caught up yet
• Net loss of $263 million, narrowing from $684 million last quarter
• Adjusted EBITDA of $66 million, up from $19 million last quarter
• Backlog of $20.3 billion, up 22% quarter over quarter
• The target of $4 billion in annualized revenue has been pushed back from year-end to the end of January 2027, and could slip into February
🤔 What does this mean for the BTC market?
The company said it plans to substantially complete its transition by the end of 2026, keeping only a small mining operation. Miners shifting toward computing power means that, over the long term, some computing capacity and electricity will leave the BTC network, and it complicates the “miners selling coins” narrative. But this is a structural shift at one company, not a change in BTC fundamentals. The BTC price is still mainly affected by capital flows and macroeconomic factors.
Do you think miners moving into AI is bearish for BTC, or a sign of the industry maturing? Share your thoughts in the comments 👇
👉 Trade BTC: https://www.binance.com/zh-CN/trade/BTC_USDT
#BeginnerGuide: Learn TradFi from scratch #IREN #比特币矿企 #AI算力 #BTC
⚠️ The above does not constitute investment advice. Please be aware of the risks.
IREN announced its Q1 FY2026 results on November 5 (quarter ended September 30): total revenue was $228 million, up 66% quarter over quarter and above analysts’ estimate of $221 million.
📊 Revenue mix has flipped
• AI cloud revenue: $200 million, up 182% quarter over quarter (from $71 million last quarter), including $135 million in services and $65 million in leases
• BTC mining revenue: $28 million (down from $67 million last quarter and $233 million in the same quarter last year)
• Mined just 402 BTC this quarter, compared with 2,039 in the same quarter last year
• AI cloud gross margin: 86%
💸 Profitability hasn’t caught up yet
• Net loss of $263 million, narrowing from $684 million last quarter
• Adjusted EBITDA of $66 million, up from $19 million last quarter
• Backlog of $20.3 billion, up 22% quarter over quarter
• The target of $4 billion in annualized revenue has been pushed back from year-end to the end of January 2027, and could slip into February
🤔 What does this mean for the BTC market?
The company said it plans to substantially complete its transition by the end of 2026, keeping only a small mining operation. Miners shifting toward computing power means that, over the long term, some computing capacity and electricity will leave the BTC network, and it complicates the “miners selling coins” narrative. But this is a structural shift at one company, not a change in BTC fundamentals. The BTC price is still mainly affected by capital flows and macroeconomic factors.
Do you think miners moving into AI is bearish for BTC, or a sign of the industry maturing? Share your thoughts in the comments 👇
👉 Trade BTC: https://www.binance.com/zh-CN/trade/BTC_USDT
#BeginnerGuide: Learn TradFi from scratch #IREN #比特币矿企 #AI算力 #BTC
⚠️ The above does not constitute investment advice. Please be aware of the risks.
