IREN Data Center Shifts From Bitcoin Mining To AI Services, Posts Quarterly Loss

IREN shares fell 7% in extended trading after the company posted a quarterly loss driven by costs tied to retiring bitcoin mining hardware as it transitions to AI cloud services. Web3 builders should track this: crypto infrastructure players are now competing directly with hyperscaler cloud services—the margin profile and competitive dynamics have fundamentally shifted. Bitcoin mining infrastructure is now a stranded asset.

Source: ET Tech ↗