IREN mining revenue drops 58% as AI sales hit $200 million

IREN reported a 58% drop in mining revenue while its AI sales reached $200 million, as the company pivots from Bitcoin mining toward AI infrastructure. IREN aims to substantially complete its mining transition by December, and its $4 billion AI revenue run-rate target has shifted to early 2027. Traders watching miner-to-AI conversions will note the declining mining income against the delayed AI revenue timeline.