bitcoin··1 min read
Bitcoin miner Ionic reports $35M loss, 90% of revenue from AI lease
Ionic's quarterly update shows AI lease dominates revenue while Bitcoin mining drives losses.
Bitcoin mining firm Ionic posted a $35 million loss in its latest quarterly update, with its AI data center lease now generating roughly 90% of total revenue.
The lease went into effect in August and is recognized on a straight-line basis, meaning revenue is booked evenly over the lease term. According to the company's report, that structure leaves cash conversion as the next key metric to watch.
Key figures
- Net loss of $35 million
- AI lease contributes about 90% of revenue
- Lease start date: August
- Straight-line lease recognition in use
The results highlight how some Bitcoin miners are diversifying into AI infrastructure deals to offset volatile crypto revenues, while the broader mining sector continues to face margin pressure after the 2024 halving.