Bitcoin mining company IREN's mining revenue fell 58% quarter-over-quarter last quarter

TechFlow reported on November 6, citing The Block, that Bitcoin mining company IREN's mining revenue for the quarter ended September 30 was $28 million, down 58% from $67 million in the previous quarter and down 88% from $233 million in the year-ago quarter.

The company mined 402 BTC in the quarter, compared with 2,039 BTC in the year-ago period; average operating hashrate fell from 45.3 EH/s in the year-ago period to 8.8 EH/s. IREN plans to largely complete its transition from Bitcoin mining to AI cloud infrastructure by the end of 2026, with a small amount of mining operations expected to remain in 2027.

IREN's total quarterly revenue rose 66% quarter-over-quarter to $228 million, driven by AI cloud revenue growth of 182% QoQ to about $200 million.

Source: TechFlow