IREN has reported an 88% annual decline in Bitcoin mining revenue as the company redirects its data center operations toward artificial intelligence. The Nasdaq-listed firm generated $28 million from mining during the September quarter, compared with $233 million a year earlier. According to IREN’s latest 10-Q filing, declining mining revenue reflects reduced operational capacity as the company expands its AI cloud infrastructure. IREN mined 402 Bitcoin during the September quarter, compared with 2,039 BTC during the corresponding period in 2025.