IREN and Terawulf accelerate exit from Bitcoin mining, shifting focus to AI computing services. According to SEC filings on November 7, IREN mined only 402 Bitcoin last quarter, down from 2,039 Bitcoin in the same period last year, with its hash rate dropping from 45.3 EH/s to 8.8 EH/s. Mining revenue fell 88% to $28 million, while AI cloud services generated approximately $200 million in revenue. The company expects to largely exit Bitcoin mining by December 31.
Terawulf has also shifted toward hash rate leasing, with $63 million of its $76.2 million total revenue in Q3 coming from a 20-year, approximately $19 billion lease agreement with Anthropic; however, the company’s operating loss widened to $88.2 million.
IREN and Terawulf Shift Focus from Bitcoin Mining to AI Computing
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Summary
Bitcoin news emerged as IREN reported an 88% decline in mining revenue to $28 million in Q3 2026, with Bitcoin output dropping to 402 BTC from 2,039 BTC a year earlier. The hash rate fell to 8.8 EH/s from 45.3 EH/s. AI cloud revenue reached $200 million, and the company plans to exit Bitcoin mining by year-end. Terawulf signed a $19 billion contract with Anthropic but recorded an $88.2 million loss. Altcoins to watch may gain momentum as firms shift focus from Bitcoin to AI computing.
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