IREN reduced installed Bitcoin mining capacity from approximately 23.2 exahashes per second (EH/s) on June 30, 2026, to 7.9 EH/s on September 30, according to the company’s annual report and November 5 quarterly filing. The 15.3 EH/s decline represents a 65.9% reduction in three months, providing a physical measure of how rapidly a former large-scale Bitcoin miner is reallocating infrastructure toward artificial-intelligence computing.

The company’s associated mining data-center capacity fell from approximately 380 megawatts to 180 MW, a reduction of 200 MW, or 52.6%. Installed hashrate measures the nominal computational capacity of deployed mining equipment; it is not the same as average operating hashrate, electricity actually consumed, or the Bitcoin network’s total hashrate.

Mining hardware gives way to AI infrastructure

Bitcoin mining uses specialized application-specific integrated circuits to repeatedly compute SHA-256 hashes while searching for a block header that satisfies the network difficulty target. AI computing instead uses accelerators, networking, memory and storage for training or inference. Although both businesses need reliable power, cooling and physical space, mining ASICs cannot simply be reprogrammed into AI GPUs.

IREN’s September 30 filing identifies roughly 93 MW of operating AI Cloud capacity alongside its remaining Bitcoin mining footprint. The figures refer to different workloads and should not be added together as proof that the same equipment or power infrastructure was converted instantly. Electrical distribution, cooling design, server installation and customer commissioning all affect the transition.

The newly reported decline extends earlier BitcoinVersus.Tech coverage of IREN’s mining-hardware valuation reduction and its NVIDIA GB200 infrastructure validation. Neither earlier development, by itself, quantified the June-to-September reduction in installed mining hashrate.

Revenue confirms a smaller mining operation

IREN reported $28 million in Bitcoin mining revenue for the quarter ended September 30, down from $67 million in the June quarter. The $39 million decrease represents approximately 58.2% sequentially. Meanwhile, AI Cloud revenue increased from $71 million to $200 million. Those revenue changes reflect commercial activity and pricing as well as capacity, so they cannot independently establish the number of ASICs removed or the amount of electricity redirected.

The company also reported no Bitcoin on its September 30 balance sheet, explaining that mined coins are typically liquidated daily. Its filing states that it aims to substantially complete the mining-to-AI transition by December 31, 2026, while immaterial mining operations may continue during 2027. The schedule is a management objective rather than a completed shutdown.

BitcoinVersus.Tech previously examined IREN’s AI Cloud revenue and delayed annualized revenue target. The new engineering-focused comparison isolates installed mining capacity rather than revisiting the earnings headline. A separate report on 75 EH/s of disconnected Bitcoin mining equipment provides industry context without establishing that every disconnected machine belongs to IREN.

What remains uncertain

The filings do not establish whether every removed ASIC was sold, scrapped, stored or relocated. Nor do they prove that all 200 MW formerly associated with mining is already serving paying AI customers. The key measurable result is a 65.9% fall in installed Bitcoin mining hashrate over one quarter, with the scale and timing of final AI deployment still dependent on construction, hardware delivery and commissioning.

Editor’s Note: Installed hashrate and data-center capacity were checked against IREN’s June 30, 2026 Form 10-K and September 30, 2026 Form 10-Q, filed November 5. Quarterly revenue was checked against IREN’s November 5 earnings release. Percentage changes were calculated from rounded reported figures. The illustrative photograph is AI-generated; no independent ASIC inventory or on-site electrical inspection was performed. No verified video suitable for embedding was identified.

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