Bitcoin miner IREN saw mining revenue drop 58% quarter-over-quarter last quarter.

on November 6, according to The Block, bitcoin miner IREN recorded $28 million in mining revenue for the quarter ended September 30, a 58% decline from the $67 million in the previous quarter and an 88% drop from the $233 million reported a year earlier.

The company mined 402 BTC during the quarter, compared to 2,039 BTC a year ago; its average operational hash rate decreased from 45.3 EH/s a year ago 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 minor mining operation expected to continue into 2027.

Driven by a 182% sequential increase in AI cloud revenue to approximately $200 million, IREN's total quarterly revenue grew 66% sequentially to $228 million.