Cipher Digital recorded $5.85 million in high-performance computing lease revenue in the third quarter of 2026, accounting for about 22% of its quarterly revenue. Over the same period, its Bitcoin mining revenue fell 71% year over year to $20.8 million, while total revenue declined from $71.7 million to $26.7 million. The company brought its first high-performance computing capacity online at the Black Pearl campus and now has $16.6 billion in contracted revenue covering 700 megawatts across three campuses. Despite the revenue drop, it reported a GAAP net profit of $31.6 million, driven mainly by a non-cash accounting gain. Cipher Digital is also evaluating whether to convert its Odessa site, where it produced roughly 2.96 BTC during the quarter, into a data center lease operation.
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