IREN swings to quarterly loss as it retires bitcoin mining hardware, shifts to AI cloud

Data center firm IREN posted a quarterly loss driven by costs tied to retiring bitcoin mining hardware as it pivots to AI cloud services, causing shares to fall more than 7%, per ET Tech. Write-downs on legacy mining rigs are now the cost of repositioning—crypto-adjacent infrastructure plays need to anchor on utility (AI, enterprise cloud) to justify capex resets.

Source: ET Tech ↗