Mining company IREN expects annual bitcoin mining revenue to reach $1 billion.

ChainCatcher reported that bitcoin miner IREN announced its full-year financial results for the period ending June 30, 2025, with its share price rising more than 12% in after-hours trading. The company reported quarterly revenue of $187.3 million, net profit of $176.9 million, and EBITDA of $241.4 million, which includes $1 billion in annualized bitcoin mining revenue "under current mining economic conditions."

According to the announcement, IREN has replaced ASIC miners used for bitcoin mining with GPU miners for AI cloud at several of its mining centers, including those in British Columbia. The company has also invested in a liquid-cooled AI data center called Horizon, which is expected to be operational in Q4 2025, as well as a Sweetwater facility projected to go online by the end of 2027. Earlier this month, IREN surpassed competitor MARA in both bitcoin production and miner utilization, becoming the mining company with the leading hash rate.