IREN’s November 5 earnings release states that Bitcoin mining revenue fell 58% quarter-on-quarter, from USD 67 million to USD 28 million during the three months ended September 30, 2026. Revenue was also approximately 88% below the USD 233 million recorded a year earlier.
Bitcoin production dropped from 2,039 BTC to 402 BTC year-on-year, while average operating hashrate declined from 45.3 to 8.8 exahashes per second. “We aim to substantially complete this transition by December 31, 2026, with immaterial Bitcoin mining operations expected to continue through calendar year 2027,” IREN stated.
