Bitcoin miner IREN has entered the closing stage of its exit from crypto mining, reporting a steep decline in mining revenue alongside rapid growth in its AI cloud business.

In its fiscal 2027 first quarter results, published on November 5, the company disclosed AI cloud revenue of $200 million for the July–September 2026 period, an increase of 182% quarter on quarter — a pace that nearly tripled the prior quarter's figure. Over the same quarter, Bitcoin mining revenue fell 58% to $28 million, consistent with the company's ongoing shift of capacity away from self-mining and toward AI cloud services. The quarter's numbers also show how far that shift has progressed: AI cloud revenue now runs roughly seven times mining revenue, a marked rebalancing of the company's revenue mix. The pace of the remaining mining wind-down, and how the two revenue lines compare going forward, will be metrics to track in IREN's subsequent quarterly disclosures.

Background on IREN

IREN, formerly known as Iris Energy, is a data center operator founded in Australia and listed on the Nasdaq under the ticker IREN. The company operates large-scale facilities in Childress, Texas, and Prince George, British Columbia. In recent years, it has progressively converted its data center capacity to GPU-based AI cloud services while scaling back its Bitcoin mining operations. That transition mirrors a broader realignment across the mining sector, in which publicly listed Bitcoin miners with large power and data center footprints have increasingly redirected infrastructure toward AI and high-performance computing workloads — a trend that gives IREN's quarterly numbers relevance well beyond its own revenue lines.

The company's fiscal year runs from July 1 through June 30, which places the first quarter of fiscal 2027 in the July–September 2026 window covered by the November 5 release.

This content was first published on COINOTAG: https://en.coinotag.com/iren-bitcoin-mining-revenue-falls-58-percent-q1-fy27