IREN Mined Only 402 BTC Last Quarter, Well Below 2,039 a Year Earlier

November 7 — According to Bitcoin News, IREN mined only 402 BTC last quarter, far below the 2,039 mined in the same period a year earlier, with its hashrate falling from 45.3 EH/s to 8.8 EH/s. Per its SEC filings,its mining revenue for the quarter fell 88% to $28 million, while AI cloud business revenue was about $200 million. IREN expects to substantially complete its exit from Bitcoin mining by December 31.

TeraWulf is taking the same route: of its $76.2 million in third-quarter revenue, high-performance computing leasing accounted for $63 million, backed by an approximately 20-year Anthropic lease worth about $19 billion. However, its operating loss still widened to $88.2 million.