Companies6 Nov, 05:20 UTCUnited States

IREN and Core Scientific move away from bitcoin mining toward AI

IREN's bitcoin mining revenue fell 58% as it plans a full exit by year-end, while its AI Cloud sales rose 182%. Core Scientific also plans to stop mining bitcoin by year-end as its AI business grows.

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Photo: PiDatacenters, CC BY-SA 4.0, via Wikimedia Commons

Companies · 6 Nov, 05:20 UTC

Two companies that built their business on mining bitcoin are leaving it. IREN says it plans to exit bitcoin mining completely by the end of the year. Core Scientific has said it will also quit mining by year-end.

Companies

IREN's bitcoin mining revenue dropped 58%. Its AI Cloud sales, which come from renting computing power for artificial intelligence work, rose 182%. The company posted $228 million in revenue.

In numbers

-58%IREN bitcoin mining revenue
+182%IREN AI Cloud sales
$228 millionIREN revenue

Bitcoin, the past month

$75,485down −11.75%

Companies

IREN's Texas data center built for Microsoft has fallen behind schedule. The material does not give a new date or a reason for the delay.

Core Scientific is taking the same direction, as its AI business has surged. Both firms are shifting the focus of their operations from mining to AI data centers.

Bitcoin$75,485down −11.75%over 1 month

Prices by CoinGecko. Past moves say nothing about future ones.

Also in this story

IREN Limiteddown −56.32%1 month

$1,000 in Bitcoin

Had you put Amount in dollars$ into Bitcoin a month ago, it would be worth – now.

From the prices in the chart, before any fees or taxes. Not a suggestion to buy or sell.

Background

Bitcoin mining means using powerful computers to process transactions on the bitcoin network and earn new coins as a reward.

Where: United States
Published: 6 Nov, 05:20 UTC
Section: Companies
Markets: Bitcoin, IREN Limited

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake
Photo: PiDatacenters, CC BY-SA 4.0, via Wikimedia Commons

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