Bitcoin Miner IREN Still Generates 81% of Revenue from Bitcoin

Bitcoin miner IREN reported that Bitcoin mining still generated 81.8% of its revenue in fiscal year 2026, despite efforts to pivot towards AI cloud services.

The company's $4 billion contracted AI run-rate target was four times the $1 billion operating level measured on August 26, but recognition is gated by delivery and customer acceptance.

IREN recorded a $638.8 million non-cash impairment from retiring miners for AI infrastructure, and its AI cloud revenue faces a $3 billion operating gap as of August 26.

The company's fiscal 2026 results show that Bitcoin mining generated $578.2 million of IREN's $707 million in annual revenue, while AI Cloud Services contributed $128.8 million.