IREN mined just 402 BTC in its most recent quarter, an 80% decline from the 2,039 BTC produced during the same period a year earlier. The company’s hashrate dropped sharply from 45.3 EH/s to 8.8 EH/s, while mining revenue fell 88% to $28 million according to SEC filings. Meanwhile, IREN’s AI cloud business generated approximately $200 million in revenue, and the firm expects to substantially complete its exit from Bitcoin mining by December 31. TeraWulf is following a similar pivot away from pure-play mining. Of its $76.2 million in third-quarter revenue, high-performance computing leasing accounted for $63 million, supported by an approximately 20-year Anthropic lease valued at around $19 billion. Despite the HPC growth, TeraWulf’s operating loss widened to $88.2 million for the quarter.