IREN to exit Bitcoin mining after large impairment charge, shifts focus to AI infrastructure

Bitcoin miner IREN reported a net loss of $684 million in its fourth fiscal quarter after booking nearly $450 million in mining machine impairment charges, according to Techub, citing CryptoBriefing. The company said the loss was tied to non-cash impairment as it moves step by step away from its mining business. IREN posted $137 million in fourth-quarter revenue. About $70.5 million of that total came from AI cloud services, showing that AI has become a major contributor to the company’s top line. The company also issued fiscal 2027 capital expenditure guidance of $25 billion to $30 billion. It plans to retire its mining machines by the end of 2026 and said it has signed multi-year agreements with Microsoft and Nvidia. The update lays out a clear shift in IREN’s business direction, from Bitcoin mining toward AI infrastructure.