Cipher Digital recognised its first high-performance computing lease revenue in the third quarter of 2026, after billing began at the Black Pearl site. The Barber Lake lease was extended to 20 years, bringing the contracted revenue value to $9.1 billion. This milestone marks the transition of part of its data-centre projects into operation, although multiple halls at Black Pearl and Barber Lake are not scheduled to come online until the end of the year. The company still faces delivery, financing, energy-supply and customer-concentration challenges, while its one-gigawatt Colchis project received conditional base-load classification.
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