🔥 Bitcoin Miner IREN Shares Fall as AI Conversion Costs Mount.
Image: ShutterstockCreate an account to save your articles.Add on GoogleAdd Decrypt as your preferred source to see more of our stories on Google.In brief AI cloud revenue reached $70.5 million in the fiscal fourth quarter, surpassing Bitcoin mining revenue for the first time. IREN reported a $684 million quarterly loss, including $450.4 million in asset impairments. Of IRENs $4 billion in contracted annualized run-rate revenue, $1 billion was operating as of Aug. IREN shares fell more than 8% after the Bitcoin miner turned AI data center operator reported a $684 million loss in its fiscal 2026 results. The stock dropped 8.2% in after-hours trading Thursday to $37.19, after closing at $40.53. AI cloud services generated $70.5 million in the quarter ended June 30, up from $33.6 million the previous quarter.
The segment surpassed Bitcoin mining revenue of $66.7 million for the first time and accounted for 51.4% of IRENs quarterly revenue. Mining revenue fell 40% from the prior quarter as IREN converted mining sites for AI use. Total revenue declined 5% to $137.2 million. Bernstein analysts expect IREN to wind down Bitcoin mining by 2030 as the company replaces mining hardware with graphics processing units for AI workloads. We started IREN with a simple observation: the digital world can scale almost instantly, but the physical world cannot, Co-Founder and Co-CEO of IREN Daniel Roberts said in a statement. This year, that founding thesis became tangible.
❓ What's your take is this the start of a bigger move or just noise? Drop it below.
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#BitcoinMining #AICryptoIntegration #CryptoMarkets
Image: ShutterstockCreate an account to save your articles.Add on GoogleAdd Decrypt as your preferred source to see more of our stories on Google.In brief AI cloud revenue reached $70.5 million in the fiscal fourth quarter, surpassing Bitcoin mining revenue for the first time. IREN reported a $684 million quarterly loss, including $450.4 million in asset impairments. Of IRENs $4 billion in contracted annualized run-rate revenue, $1 billion was operating as of Aug. IREN shares fell more than 8% after the Bitcoin miner turned AI data center operator reported a $684 million loss in its fiscal 2026 results. The stock dropped 8.2% in after-hours trading Thursday to $37.19, after closing at $40.53. AI cloud services generated $70.5 million in the quarter ended June 30, up from $33.6 million the previous quarter.
The segment surpassed Bitcoin mining revenue of $66.7 million for the first time and accounted for 51.4% of IRENs quarterly revenue. Mining revenue fell 40% from the prior quarter as IREN converted mining sites for AI use. Total revenue declined 5% to $137.2 million. Bernstein analysts expect IREN to wind down Bitcoin mining by 2030 as the company replaces mining hardware with graphics processing units for AI workloads. We started IREN with a simple observation: the digital world can scale almost instantly, but the physical world cannot, Co-Founder and Co-CEO of IREN Daniel Roberts said in a statement. This year, that founding thesis became tangible.
❓ What's your take is this the start of a bigger move or just noise? Drop it below.
$BTC $ETH
#BitcoinMining #AICryptoIntegration #CryptoMarkets