CONFIRMED: The revenue shift is reported; the year-end transition is a company target, not a completed event.
Forget the rebrand deck for a moment. Look at what customers actually paid for. IREN’s Bitcoin mining revenue fell 58% quarter over quarter to $28 million in the three months ended September 30, while AI cloud revenue rose to about $200 million. The Block and crypto.news both reported the figures. AI is no longer a side project in this income statement.
Total quarterly revenue reached $228 million. That puts the revenue mix well beyond a miner merely experimenting with spare capacity. The company is repurposing infrastructure, and its disclosed production tells the same story: crypto.news reported 402 BTC mined during the quarter, compared with 2,039 a year earlier. It also said IREN held no Bitcoin at the end of September because it sells production daily.
The date with an asterisk
The company aims to substantially complete the transition away from mining by December 31, 2026. Substantially is doing real work there. Its filing allows for immaterial mining operations to continue during 2027. Describing this as an unconditional promise that every miner switches off at midnight on New Year’s Eve would be cleaner copy and worse reporting.
There is another catch for anyone assuming an AI label makes the business painless. crypto.news reported a $263 million net loss for the quarter, even as revenue grew, alongside a delayed target for contracted annual recurring revenue. A larger AI business can still carry financing, delivery and execution risks. Swapping computing equipment changes the business model; it does not abolish capital expenditure.
The wider industry whisper is that electrical connections and data-center sites may be more valuable serving AI than producing Bitcoin. IREN supplies a concrete example of that shift, not proof that it is the right decision for every miner. Watch delivered capacity, collected revenue and funding needs rather than treating every announced megawatt as finished infrastructure. The pivot is confirmed. Its long-term economics still have to show up in the accounts.
Source: The Block. Also checked: crypto.news.
Also reported by: crypto.news
