According to ME News, on November 7 (UTC+8), Bitcoin mining company IREN produced 402 bitcoins in the third quarter, compared to 2,039 bitcoins in the same period last year; its average operational hash rate declined to 8.8 EH/s from 45.3 EH/s year-over-year. As of the end of September, the company held no bitcoins, and its Bitcoin mining revenue for the third quarter amounted to $28 million, an 88% year-over-year decrease.
IREN expects to largely complete its transition to AI cloud services by December 31, 2026, with minimal mining activities continuing into 2027. The company's total assets amount to $20.6 billion, including $6 billion in data center assets; customer agreements include NVIDIA, Microsoft, and 13 other clients.
IREN's stock price fell 17% on November 5, closing at $18.03; analysts' target price is $55. (Source: ODAILY)
IREN Q3 Bitcoin Production Falls to 402 BTC, Targets Completion of AI Cloud Transition by 2026
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Summary
IREN's Q3 2026 Bitcoin production declined to 402 BTC, down from 2,039 BTC in the same period last year. The company’s average hash rate dropped to 8.8 EH/s from 45.3 EH/s. IREN plans to complete its transition to an AI cloud business by December 31, 2026, with only small-scale mining expected in 2027. The company holds $20.6 billion in total assets, including $6 billion in data center assets, and serves clients such as NVIDIA, Microsoft, and 13 others. On November 5, the stock fell 17% to $18.03, with analyst price targets at $55. Analysts suggest that BTC price and altcoins to watch may experience volatility as IREN shifts its focus.
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