IREN, TeraWulf Shift From Bitcoin Mining to AI Compute

Cointime reports: IREN mined just 402 bitcoin last quarter, down from 2,039 a year earlier, as hashrate fell to 8.8 EH/s from 45.3 EH/s. 7. Mining revenue dropped 88% to $28 million while AI cloud revenue reached about $200 million, and IREN expects to largely exit bitcoin mining by Dec. 31. TeraWulf reported $63 million of high-performance compute leasing revenue within $76.2 million of Q3 total revenue, under a roughly $19 billion, 20-year lease with Anthropic, though its operating loss widened to $88.2 million.