IREN, Core Scientific and TeraWulf roughly doubled their combined AI and HPC revenue in Q3 while their bitcoin mining output shrank by about half. Bitdeer moved the other way, expanding production and taking a growing share of network rewards.
IREN, Core Scientific and TeraWulf together generated approximately $478 million in AI-cloud and HPC colocation revenue in the third quarter, double the $239 million recorded in Q2. Over the same period, their combined realized bitcoin hashrate fell approximately 49%, from 32.8 EH/s to 16.8 EH/s, according to TheEnergyMag calculations.
IREN, Core Scientific and TeraWulf shift to AI revenue
IREN showed the sharpest simultaneous change. Its realized hashrate fell from approximately 21.6 EH/s to 8.9 EH/s, while AI-cloud revenue rose from $70.5 million to $200 million.
Core Scientific's estimated realized hashrate declined from 7.0 EH/s to 3.8 EH/s. Its colocation revenue increased almost 58% to $215.4 million, approximately 92% of total quarterly revenue, and the company expects to completely exit the mining business by the year's end.
TeraWulf shows the lag between removing miners and collecting replacement revenue. Its hashrate edged down from approximately 4.2 EH/s to 4.1 EH/s, yet HPC revenue nearly doubled to $63 million, approximately 83% of total revenue.
Bitdeer takes a bigger share of rewards
Meanwhile, the rewards those miners leave behind remain available to competitors, and Bitdeer is taking a growing share. Its bitcoin production increased from 2,694 BTC in Q2 to 3,855 BTC in Q3, equivalent to approximately 9.2% of the quarter's total network mining rewards.
In September alone, Bitdeer produced 1,355 BTC, more than 9.7% of network rewards. October production has yet to be reported, and a further increase could take the company above 10%.
That expansion changes the picture across the wider public-miner group. A list of 11 public miners that have disclosed Q3 earnings had approximately 246 EH/s of realized hashrate, down only about 2% sequentially. Excluding Bitdeer, the remaining companies contracted almost 15%, from approximately 189 EH/s to 161 EH/s.
Mining equipment held for sale
The AI conversion also leaves a hardware overhang. IREN and Keel together carried approximately $80.5 million of bitcoin mining equipment held for sale at the end of September, after write-downs. Core Scientific reported another $29.7 million of sale inventory.
Some machines are already changing hands: Cipher sold 6,840 Avalon A15Pro rigs back to Canaan, machines it had originally purchased in July 2025.
Source: Bitcoin News
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