Bitcoin mining revenue at IREN Limited (Nasdaq: IREN) fell to $28 million for the three months ended September 30, down 88% from the $233 million the segment generated a year earlier, according to the company's quarterly filing with the U.S. Securities and Exchange Commission.

The disclosure underscores how far the company's original business line has receded. Bitcoin mining, once the core of IREN's operations, has become a side business as the firm allocates an increasing share of its data center capacity to other computing workloads.

IREN, formerly known as Iris Energy, is an Australia-headquartered data center company listed on the Nasdaq exchange, with data center operations that have included sites in the United States, Canada, and Australia. The firm built its early operations around Bitcoin mining in renewable-energy-powered facilities and has in recent years expanded into AI cloud services, converting part of its infrastructure to serve high-performance computing workloads. The sharp year-over-year decline in mining revenue reflects that ongoing shift in how the company deploys its capacity.

Because the figures come from standardized SEC segment disclosures, the filing offers a documented snapshot of a broader recalibration across the Bitcoin mining industry, in which operators with large-scale data center footprints have redirected capacity toward AI and high-performance computing workloads. Segment-level reporting makes the pace of such transitions visible in reported revenue rather than in announcements alone.

For IREN, the split between Bitcoin mining and AI cloud services in subsequent quarterly filings will indicate how much of its capacity remains devoted to its original business as the conversion of infrastructure toward high-performance computing workloads proceeds.

This content was first published on COINOTAG: https://en.coinotag.com/iren-mining-revenue-falls-88-to-28-million