Terawulf and IREN Bet Big on AI as Bitcoin Mining Revenue Shrinks

Despite top-line growth, Terawulf’s operating loss widened to $88.2 million in Q3 while IREN saw bitcoin mining revenue fall 88% year-over-year. For the third quarter of 2026, U.S. digital infrastructure provider Terawulf generated $76.2 million in total revenue, a significant year-over-year (YoY) increase driven primarily by its high-performance computing (HPC) data center leasing segment. HPC revenue surged to $63 million, accounting for roughly 83% of the top line. Conversely, bitcoin mining and legacy digital asset revenue continued to shrink as a percentage of total sales, reinforcing Terawulf’s aggressive pivot toward hosting artificial intelligence (AI) infrastructure.

Source: Bitcoin.com News