IREN’s bitcoin mining revenue drops 58% as firm plans full exit by year-end

IREN has reported a significant 58% reduction in its bitcoin mining revenue. This decline is part of a broader strategic shift within the company, as it announced plans to fully exit the bitcoin mining business by the end of the year. The firm is increasingly concentrating its efforts and resources on the artificial intelligence (AI) infrastructure sector. This strategic pivot has already shown substantial results, with IREN's AI cloud revenue experiencing a robust 182% increase in the past quarter, reaching an impressive $200 million.