Bitcoin mining is no longer a viable standalone business, forcing even the biggest players to abandon their roots for AI just to survive. IREN’s mining revenue is cratering—dropping $30 million in a year—while they scramble into a $3.4 billion NVIDIA deal. Despite raising $3 billion to fund this pivot, investors immediately dumped the stock, sending it down 8%. Is Bitcoin mining now just a legacy burden for companies that want to stay profitable? Or is this AI pivot a mistake?
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