IREN's bitcoin mining revenue plunges 88% in a year to $28 million as the one-time miner aims to substantially finish its switch to AI by December 31

IREN, which began as a bitcoin miner, now gets only about 12% of its revenue from mining. Its quarterly report shows bitcoin mining revenue of $28 million for the three months to September 30, compared with $233 million in the same quarter last year, a fall of 88%. The Block reported that the figure was down 58% from $67 million in the prior quarter.

The company mined 402 bitcoin in the quarter, against 2,039 a year earlier, and its average operating hashrate fell to 8.8 exahashes per second from 45.3, according to The Block. It held no bitcoin at the end of September because it sells what it mines each day.

AI has replaced mining as the main business. The filing shows AI cloud revenue of $200 million, up from $7 million, out of total revenue of $228 million. IREN still lost $263 million in the quarter, compared with a profit of $385 million a year earlier.

The Block quoted the filing as saying IREN aims to "substantially complete this transition by December 31, 2026," with immaterial mining expected to continue through 2027. The company said in March 2025 that it would stop expanding in mining.

IREN shares fell 17% on Thursday to close at $18.03, The Block reported, in a broad selloff of AI and technology stocks.