Bitcoin Miners IREN and CleanSpark Face Earnings Fallout Amid Market Crash
By John Nada·Feb 6, 2026·2 min read
Shares of IREN and CleanSpark plunged after both missed revenue estimates, highlighting ongoing struggles for Bitcoin miners amid market volatility.
Shares of IREN and CleanSpark plummeted sharply after both companies reported disappointing earnings, intensifying the pressure on publicly traded Bitcoin miners. According to Decrypt, investors are increasingly concerned about immediate performance and balance-sheet risks as Bitcoin prices continue to decline. CleanSpark's shares dropped around 19%, while IREN's fell 11% in a day marked by a broader sell-off in cryptocurrency markets.
The earnings reports revealed significant challenges for both firms. IREN reported a steep revenue drop, with $184.7 million for its fiscal second quarter, down from $240.3 million previously, alongside a staggering net loss of $155.4 million. This was a reversal from a net income of $384.6 million in the prior period, highlighting the company's difficult transition from Bitcoin mining to AI cloud infrastructure. The results included considerable non-cash losses, with $219.2 million attributed to financial instruments and impairments related to hardware transitions.
CleanSpark also missed expectations, reporting $181.2 million in revenue, which, while an increase from the previous year, came with a net loss of $378.7 million. This loss was largely influenced by non-cash items related to Bitcoin’s fluctuating price and asset revaluations. Despite these setbacks, CleanSpark emphasized its strategy of balancing Bitcoin mining with AI infrastructure to generate cash flow in the long run. As CleanSpark's President and CFO, Gary A. Vecchiarelli, stated, this strategy aims to provide flexibility and optimize capital across market cycles.
The broader market context complicates the outlook. Bitcoin fell more than 11% on the day of the earnings announcements, creating a challenging environment for miners and raising scrutiny over their financial stability. As investors weigh the volatility of cryptocurrency prices against the long-term strategies of these companies, the financial health of Bitcoin miners remains in question.
The downturn for IREN and CleanSpark underscores a critical moment for publicly traded miners navigating a tumultuous market. The path forward involves balancing immediate execution with strategic shifts toward diversified assets. Investors will be watching closely to see if these companies can adapt and thrive amidst ongoing market pressures.