Bitcoin miners hold $100B in AI deals but see little revenue so far
- —AI contract backlog tops $100 billion, but only 550 MW of over 4 GW is billing
- —IREN posted $128.8 million in AI cloud revenue for fiscal 2026, up from $16.4 million
- —Mining contributed $578.2 million in revenue while IREN's net loss hit $702.6 million
- —Retrofitting 1 MW for AI costs $8–15 million versus under $1 million for mining
Why it matters: Markets are pricing miners on AI contract headlines, but actual cash flow depends on commissioned megawatts and financing costs, not deal announcements.
Source: Cryptopolitan