Bitcoin miner IREN has accelerated its pivot into data centers, and its AI cloud revenue has overtaken Bitcoin mining revenue for the first time, according to a Decrypt report carried by Techub News. The crossover, reported on Aug. 28, comes as IREN accelerates its shift away from a pure mining model. The same transformation is also lifting costs, and the company's share price fell as a result. For IREN, the data center business has become the larger of its two main revenue lines, with AI cloud services now ahead of the Bitcoin mining operations that originally defined the company. The cost side, however, is moving the other way — expansion into data centers has pushed expenses higher, and that was enough to turn the stock negative. The Decrypt report, summarized by Techub News, pointed to a revenue mix that has now changed even as the financial burden of the transition continues to grow.
Bitcoin miner IREN is pushing harder into data center operations, and its AI cloud revenue has now overtaken Bitcoin mining revenue for the first time, according to a Decrypt report carried by Techub News.
The transition has its costs. Expanding into data centers is raising the company's expense base, and IREN's shares dropped on the news.
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