Microsoft · Bitcoin · CryptoSlate
The company’s fiscal 2026 results, filed Aug. 27, show Bitcoin mining generated $578.2 million of IREN’s $707 million in annual
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That ongoing transition produced a $638.8 million non-cash impairment, primarily tied to decommissioning miners as data center sites were converted for AI workloads.
Key facts
- As of Aug. 26, IREN had $1 billion of operating annualized run-rate revenue, or ARR, against $4 billion of contracted ARR for its 2026 capacity
- The company’s fiscal 2026 results, filed Aug. 27, show Bitcoin mining generated $578.2 million of IREN’s $707 million in annual revenue, or about 81.8%
- A separate Mackenzie financing of up to $2.4 billion carries a 9% fixed rate and matures 30 months after each relevant staged funding date
- At June 30, IREN still had installed Bitcoin mining capacity of about 23.2 EH/s across roughly 380MW
Summary
01 Bitcoin mining supplied 81.8% of IREN’s FY2026 revenue, even as it pivots data centers to AI. 02 IREN recorded a $638.8 million non-cash impairment, largely from retiring miners for AI infrastructure. 03 Its $4 billion contracted AI run rate still depends on delivery, commissioning and customer acceptance. IREN is still mostly a Bitcoin miner by revenue, even as it retires mining hardware to make room for AI infrastructure and grow IREN's AI cloud revenue. The company’s fiscal 2026 results, filed Aug. 27, show Bitcoin mining generated $578.2 million of IREN’s $707 million in annual revenue, or about 81.8%.