Bernstein sees IREN pivoting from Bitcoin mining to $3.7B AI cloud business

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Bernstein expects IREN’s AI cloud revenue to be its primary source of income in the coming years. Source: Bernstein Monday's report suggests Bitcoin mining will gradually fade into a legacy segment, with mining revenue declining over time as power capacity is redirected toward higher-margin, contracted AI computing. IREN is not alone in exploring this pivot. Several mining companies, including TeraWulf and HIVE Digital, have begun reallocating power and capital toward AI and high-performance computing, often alongside their existing Bitcoin mining operations. Related: AI data center gold rush sparks debate over impact on Bitcoin mining Bernstein assigned IREN stock a $100 price target, pointing to significant upside as the company shifts away from Bitcoin mining and toward AI infrastructure. With the stock currently trading below $50, the target implies a nearly 100% increase from current levels. The analysts maintained an Outperform rating, even after reducing their previous $125 target, reflecting a more conservative view on dilution and the gradual wind-down of Bitcoin mining. IREN stock. Source: Google Finance Related: CoreWeave’s $8.5B loan shows how AI is replacing crypto mining finance

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