Cipher Digital posts $31.6 million Q3 profit as revenue drops 63%
Business
Cipher Digital, best known for mining bitcoin, just reported a $31.6 million profit for the third quarter of 2026, mostly because of a big accounting gain tied to Google.
But here's the twist: its actual revenue dropped 63% to $26.7 million as it moved away from crypto mining and started leasing out data centers to AI companies.
Cipher Digital faces $71.9 million operating loss
Bitcoin mining revenue took a major hit, dropping 71% to $20.8 million, while its new Texas data center brought in $5.9 million since August.
This shift led to a bigger operating loss of $71.9 million (up from last year), but Cipher is playing the long game: it has locked in a 20-year lease at Barber Lake, aiming for about $9.1 billion in future contracted revenue as it bets big on the AI boom.