Bitcoin Miner Cipher Reports $31.6M Q3 Net Profit Amid 63% Revenue Decline

Huo Xing Finance reports, according to CoinDesk, that Bitcoin mining company turned data center developer Cipher Digital reported a net profit of $31.6 million for the third quarter, despite a 63% year-over-year decline in revenue. Revenue fell from $71.7 million in the same period last year to $26.7 million, with Bitcoin mining contributing $20.8 million—a 71% drop—as Cipher shifted computing power from mining to leasing data centers to AI companies. This quarter, Cipher generated its first revenue from this business, earning $5.9 million following the August launch of the first phase of its Black Pearl data center in Texas. Cipher reported an operating loss of $71.9 million, up from $37.6 million in the same period last year; adjusted EBITDA declined from a positive $40.8 million to a negative $10 million. The net profit was primarily driven by a $127.2 million non-cash accounting gain related to warrants held by Google; this adjustment does not represent actual cash received by Cipher. Recently, Cipher extended the lease term for its Barber Lake data center to 20 years, bringing the total contracted revenue for the site to approximately $91 billion.