IREN generates 82% of revenue from Bitcoin mining amid AI transition
By: cryptoslate.com|2026/08/29 22:10:38
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IREN reported that Bitcoin mining accounted for 578.2 million dollars of its 707 million dollars in annual revenue for fiscal 2026, approximately 81.8%. The company is transitioning to AI infrastructure, which generated 128.8 million dollars in revenue. This shift resulted in a 638.8 million dollars non-cash impairment due to decommissioning mining hardware for AI workloads, contributing to a net loss of 702.6 million dollars. As of August 26, IREN had an annualized run-rate revenue of 1 billion dollars against a contracted 4 billion dollars for its 2026 capacity, aiming for operational readiness by December 31. Revenue recognition depends on the completion of data centers and customer acceptance, with potential delays impacting financing costs. IREN's installed Bitcoin mining capacity was about 23.2 EH/s as of June 30, with plans to complete the transition to AI Cloud Services by year-end. Microsoft and NVIDIA represent a significant portion of contracted revenue, while new customers introduce diversification but also risks.
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