Cipher Digital’s $31.6M profit comes despite a 63% revenue decline

Cipher Digital reported a $31.6 million profit for the third quarter of 2026 as its shift toward AI data center leasing began generating revenue. But the profit largely reflected a noncash accounting gain tied to Google warrants, while revenue dropped 63% and operating losses widened. The company’s November 2, 2026, SEC filing shows quarterly revenue of $26.7 million, compared with $71.7 million a year earlier. Bitcoin mining brought in $20.8 million, a 71% decline, as Cipher redirected computing capacity from mining to leasing data centers to artificial intelligence companies. Operating results contrasted with the headline profit.

Source: The Cryptonomist