IREN FY26 Earnings: Is IREN Still a Bitcoin Miner?

If our readers have been following Disruption Banking’s coverage of Bitcoin miners pivoting to data centres, such as Hut 8 and MARA, as well as to high-performance computing (HPC) infrastructure and AI compute, like Cipher Digital (formerly Cipher Mining), this question is one of a few familiar ones here.

Daniel and William Roberts built IREN Limited (NASDAQ: IREN) around Bitcoin mining. The company still produces Bitcoin, and mining still supplied most of FY26 revenue. Its latest quarter suggests that is no longer the business investors are principally being asked to value.

AI Cloud Services generated $70.5 million in the three months to 30 June, slightly more than Bitcoin mining’s $66.7 million. Three months earlier, the figures were $33.6 million and $111.2 million respectively. It is the first disclosed quarter in which IREN’s AI Cloud revenue exceeded mining. For the full year, mining was still $578.2 million against $128.8 million of AI Cloud, about 82% of revenue. The crossover has arrived quickly. It has not arrived cheaply.

The Mining Machines Are Going

IREN reported a $684 million quarterly net loss. The largest piece was a $450.4 million non-cash impairment, principally mining hardware being decommissioned as sites were converted for AI Cloud. On top of that sat a $102.1 million decline in the fair value of mining hardware classified as held for sale. Those are separate lines. The full-year impairment bill was $638.8 million; the held-for-sale mark for the year was $110.6 million.