IREN: mining, cloud revenue, and the questions left open
Research notes on the business mix. The figures reflect the period studied, not today's results.
- Bitcoin mining supplied 97.0% of revenue in the period used for this note.
- AI cloud supplied 3.0% of revenue in the period studied. The note records 428.0% growth in 2025; recheck the filing and period before using it.
- Sells bitcoin immediately at market price after mined
- What does a rough solo-mining example show? It is not IREN's reported margin.
- Negative
- Current reward for solving a hash in 2025 = 3.125 BTC
- Bitcoin reward halves every 4 years:
Halving Year Block Reward After Halving 2009 (launch) 50 BTC 2012 25 BTC 2016 12.5 BTC 2020 6.25 BTC 2024 (April) 3.125 BTC ← current 2028 (expected) 1.5625 BTC - Bitcoin price = $90K.
- Total revenue = ~$280K
- A prior AI-generated estimate put solo-mining costs at $2.42 million. It is unverified and is not an IREN filing figure.
- Under those rough assumptions, the example loses about $2 million. This is not IREN's reported gross profit.
- Industrial scale changes the economics. This toy example cannot establish IREN's margin.
- Founders are brother (Daniel and William Roberts)
- The note lists MBA backgrounds. That alone is not a management assessment.
- Cant find company on glassdoor despite having 257 employees in US
- Founded 2018