TREE NEWS reports: Cipher Digital posted $31.6 million in third-quarter net income while revenue fell 63% year over year to $26.7 million from $71.7 million, with bitcoin mining revenue down 71% to $20.8 million. The bitcoin miner turned data-center developer is shifting hashpower to leasing capacity to AI companies, and its first phase at the Black Pearl data center in Texas, operational since August, generated $5.9 million in revenue. The quarter’s operating loss widened to $71.9 million from $37.6 million, and adjusted EBITDA swung to a $10.0 million loss from $40.8 million profit.
Cipher Digital Q3 net income $31.6M as revenue falls 63%
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AI take
The headline profit is a poor guide to the underlying business: a widening operating loss and a negative adjusted EBITDA suggest the swing to net income owes more to non-operating items than to operations. The real story is the revenue mix — mining down sharply while the first Black Pearl phase already contributes meaningfully, which is the clearest evidence yet that the pivot from hashpower to AI leasing is generating actual dollars. Whether that leasing line scales fast enough to offset the mining decline, and whether losses keep widening in the meantime, is the open question.
Generated by AI for reference only.
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