According to CoinMeta, Wu said that Bitcoin mining companies are transforming into cloud computing service providers. Iren ( NASDAQ : IREN ) announced its financial results for the first quarter of fiscal year 2027, as of September 30, 2026. Total revenue increased by 66% to $228 million, with cloud service revenue growing by 182% to $200 million, and a gross margin of 86%. Bitcoin mining revenue decreased from $67 million in the previous quarter to $28 million. The company incurred a net loss of $263 million for the quarter, compared to a adjusted loss of $66 million in the previous quarter. The company's contract revenue reserves increased by 22% to $20.3 billion, and it has already secured contracts and funding to meet its annual recurring revenue target of over $4 billion ( ARR ). However, due to customer design adjustments and supplier delivery delays, the expected realization time has been postponed from the end of 2026 to January 2027, and may even be extended to February. In addition, after the quarter ended, the company signed a five-year AI cloud service contract with a pricing of approximately $22 million per megawatt, with customers prepaying 90% of the GPU capital expenditure.