IREN's Q3 Bitcoin Production Drops to 402 BTC, Transformation Expected to Be Largely Complete by Year-End

Odaily reports: Bitcoin mining company IREN produced 402 BTC in the third quarter, down from 2,039 BTC in the same period last year; average operating hashrate fell to 8.8 EH/s from 45.3 EH/s a year earlier. The company held no Bitcoin as of the end of September, and third-quarter Bitcoin mining revenue was $28 million, a year-over-year decline of 88%.

IREN expects to largely complete its transition to an AI cloud business by December 31, 2026, and will retain a small amount of mining activity in 2027. The company's total assets are $20.6 billion, of which data center assets account for $6 billion; customer agreements involve Nvidia, Microsoft, and 13 other customers.

IREN's stock price fell 17% on November 5, closing at $18.03; analysts' target price is $55. (Bitcoin.com News)