IREN reports $684m loss as it pivots from Bitcoin mining to AI
Bitcoin (BTC)
Editor:
Eugene Serbin
newsbytesapp.com reports that IREN posted a $684 million loss for the last quarter, a sharp reversal from last year's $176.9 million profit. The company shifted gears toward AI cloud services, resulting in a 27% revenue drop to $137.2 million and the decommissioning of bitcoin mining hardware. Despite the loss, IREN secured $2.8 billion in funding and signed a new multi-year contract with a frontier AI lab. Their computing power for 2026 is nearly sold out, with demand for AI services heating up for 2027.
How the market reacted
Whalio's own Binance spot order flow for BTC, measured when this story was written up on 28 August 2026. Not the outlet's figures.
Bitcoin is trading at $80,249.58 with a 1-hour buy ratio of 52.3%, indicating short-term buying pressure, while the 4-hour buy ratio has fallen to 39.8%. This contrast suggests that buying momentum is fading over a slightly longer timeframe compared to the immediate hour. The 24-hour buy ratio sits at 45.2%, showing that buying has been below half of all trades for the full day. Volume delta reflects this shift, with a positive $1,968,400 in the last hour offset by a negative $36,806,801 over four hours. Over 24 hours, the net volume delta is -$123,102,218, meaning sellers have dominated the market for the entire day.
The latest daily buy ratio of 46.7% sits at the 18th percentile of the last 322 days, against a median of 49.2% - weaker buying than most days.
Twenty-four hours later
What BTC did over the 24 hours after the story broke. The market moves for its own reasons; this is what happened, not what the story caused.
Was that an ordinary day?
The same Binance spot measurements for BTC, averaged over the days leading up to the story.
This trading activity follows a week where the buy ratio averaged 51.1%, making today's 24-hour ratio of 45.2% an unusual day with lower buying interest. Volume for the day was 0.65x the weekly average, indicating significantly reduced trading activity compared to the preceding week. While the 8-day volume delta was positive at +$171,556,665, today's negative flow contributes to a shift in momentum. The coin saw a +9.9% price change over the preceding 8 days, but today's volume is notably lower than the weekly norm.