Cipher Digital Reports $31.6 Million Q3 Net Profit as Revenue Falls 63% Year Over Year

Cipher Digital reported third-quarter net profit of $31.6 million as revenue fell 63% year over year to $26.7 million from $71.7 million. According to Odaily, Bitcoin mining revenue was $20.8 million, down 71% from the same quarter last year. The company is shifting computing capacity from mining to leasing data centers to AI companies. The first phase of its Black Pearl data center in Texas began operating in August and generated $5.9 million in revenue, its first contribution from the business. Cipher Digital posted an operating loss of $71.9 million, compared with $37.6 million a year earlier. Adjusted EBITDA fell from a profit of $40.8 million to a loss of $10 million.