New York, Jan 29, 2026, 11:35 EST — Regular session
- IREN dropped roughly 6% in late morning trading, clawing back some of the gains from the previous session.
- Bitcoin dropped roughly 6%, pulling down shares of U.S.-listed crypto miners in its wake.
- Attention shifts to IREN’s results due Feb. 5, along with any news on compute and power constraints.
IREN Limited shares dipped on Thursday, retreating after a strong rally the previous day as crypto-related stocks slid alongside bitcoin.
This shift is crucial since IREN now acts as a high-beta stand-in for two hot sectors — bitcoin mining margins and the AI data center boom. Following Wednesday’s jump, traders rushed to sell as the underlying token dropped and eyes turned to the company update due next week.
By 11:35 a.m. EST, IREN had fallen $3.96, roughly 6.3%, to $58.98. The shares swung from a low of $56.75 up to $62.73 during trading.
Bitcoin dropped roughly 5.7%, dragging U.S.-listed miners lower as well. Riot Platforms slid around 7%, while Marathon Digital fell close to 6%.
IREN surged roughly 14% Wednesday after a U.S. winter storm forced some miners to scale back operations. That drop in activity tends to boost profits for those still running by cutting “hashrate,” the computing power that secures the bitcoin network. Julio Moreno, CryptoQuant’s head of research, noted that miners pulled back to ease pressure on the power grid and pointed out that IREN’s daily bitcoin output fell amid the disruption. 1
Weather-driven curtailments that ease network competition can also disrupt miners’ own output, making any gains tough to predict and quick to evaporate when machines restart.
IREN is positioning itself as an AI cloud service provider, offering access to large GPU clusters—chips essential for training and running AI models—while continuing its traditional mining operations. This dual focus sets its multiple and volatility apart from many of its peers.
The upside hinges on several variables: bitcoin prices, network difficulty, power costs, and potential new curtailments. If bitcoin keeps dropping or the hashrate rebounds sharply, the margin boost behind Wednesday’s rally could vanish just as quickly.
IREN is set to report its quarterly results on Feb. 5. Investors will be watching closely for fresh guidance on compute deployment schedules and power availability. 2
