**TL;DR** — IREN is still ~81% a bitcoin miner and it's walking away from that revenue on purpose. Mining is switching off faster than AI is replacing it. I want the December exit finished and the Nov 5 numbers before I touch it. I don't own it. They are primarily a bitcoin mining company, ~81% of FY26 revenue is from bitcoin mining which uses ASICs. These are not useful for AI so have to be torn out for GPUs if the company wants to move into that direction. The block subsidy halved to 3.125 BTC
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