Shares of IREN and CleanSpark continue to decline after missing expectations

According to a report by Bijie Network: Bitcoin miners IREN and CleanSpark have reported significant quarterly losses amid a sharp market downturn. IREN's revenue fell to $184.7 million, with a net loss of $155.4 million, mainly due to unrealized losses on derivatives and hardware impairment during its transition to artificial intelligence cloud services. CleanSpark's revenue grew by 11.6% to $181.2 million, but still fell short of expectations, with a net loss of $378.7 million. Both companies emphasized their strategic transformations, with IREN highlighting the demand for artificial intelligence workloads, while CleanSpark outlined its multi-stream infrastructure platform that goes beyond mining.