IREN Plans to Earn $1 Billion a Year from Bitcoin Mining

Mining company IREN plans to earn $1 billion a year from bitcoin mining. This was stated in the financial report that the company presented yesterday.

According to the filing, the company had quarterly revenue of $187,3 million, net income of $176,9 million, and EBITDA of $241,4 million. That’s in addition to annual revenue of about $250 million from IREN’s growing cloud-based AI business. The company is currently replacing its Bitcoin mining ASICs with cloud-based GPUs at several of its data centers, including one in British Columbia.

The company is also investing in the Horizon liquid-cooled AI data center, scheduled to be operational in the fourth quarter of 2025, and a facility in Sweetwater, expected to be operational in late 2027.

In August, IREN surpassed its competitor MARA in both Bitcoin production and hardware utilization, becoming the leading mining company by hashrate. In July, IREN mined 728 BTC compared to MARA’s 703 BTC, with over 90% of its capacity being utilized.

“Fiscal year 2025 was a breakthrough year in terms of finance and operations. We achieved record results, including a strong net profit and an increase in EBITDA by more than 10 times,” said Daniel Roberts, CEO of IREN.

Following the publication of the financial report, the miner’s shares rose by more than 12%.

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