Terawulf and IREN Accelerate Shift to AI as Bitcoin Mining Revenue Plummets
Both firms reported steep drops in mining income while AI‑focused data‑center leasing surged, underscoring a sector‑wide pivot.
CCOINMAG
1.2K
COINMAG stories about Bitcoin mining, newest first, with key facts and answers to common questions.
Both firms reported steep drops in mining income while AI‑focused data‑center leasing surged, underscoring a sector‑wide pivot.
Nasdaq‑listed IREN reported a 58% drop in Bitcoin mining revenue to $28 million while AI cloud revenue jumped 182% to $200 million, sending its stock down 17%.
Core Scientific announced it will cease all Bitcoin mining activities by Q4 2026, redirecting resources to high‑density AI and high‑performance computing colocation services.
Core Scientific said it will wind down its Bitcoin mining operations by Q4 2026 and become a pure‑play colocation provider, with Q3 revenue driven 92% by colocation services.
VanEck argues the October plunge in mining firms expanding into AI data centers reflects excessive fear, not fundamentals, and sees a buying opportunity.
Riot Platforms disclosed a 15‑year, $28 billion lease with AI firm Anthropic for its Corsicana campus, including a clause that could obligate the miner to pay 12% interest on rent credits if financing falls short.
American Bitcoin Corp. reported a $126 million Q3 net profit, driven by a $197 million mark‑to‑market gain on its bitcoin holdings despite lower mining revenue.
Google’s AA+ rating will underwrite TeraWulf’s $19 billion lease with AI firm Anthropic, lowering borrowing costs for the miner’s new Kentucky data center.
Block, Circle and Riot Platforms will release third‑quarter earnings this week, offering insight into Bitcoin payments, stablecoin reserves and mining profitability as crypto prices fluctuate.