IREN, Core Scientific and TeraWulf generated approximately $478 million in combined AI-cloud and HPC colocation revenue in Q3, up from $239 million in Q2. Their combined realized bitcoin hashrate fell about 49%, from 32.8 EH/s to 16.8 EH/s, according to TheEnergyMag’s calculations based on disclosed production. The figures show replacement revenue arriving, but do not establish whether the conversions will earn attractive returns; the companies’ timing and business models differ.
Bitdeer’s bitcoin production rose from 2,694 BTC to 3,855 BTC, or approximately 9.2% of Q3 network mining rewards. Across 11 companies that had reported Q3 earnings, realized hashrate fell only about 2% as Bitdeer’s growth offset much of the decline elsewhere. IREN and Keel also held about $80.5 million of mining equipment for sale at the end of September, after write-downs; that value is neither its original cost nor completed sale proceeds.
