Cipher Digital Books First $5.9M in AI Data Center Rent

Bitcoin miner Cipher Digital (known as Cipher Mining until February 2026) recognized its first revenue from leasing capacity for AI workloads, $5.9 million, in its third-quarter results. The company published the update in an 8-K filing on Nov. 2.

Details

Rent at the Black Pearl site began during the quarter, so Cipher booked its first high-performance computing (HPC) lease revenue. The filing does not name the tenant or the exact rent commencement date.

Total revenue for the quarter was $26.7 million, down from $71.7 million a year earlier. Bitcoin mining revenue was $20.8 million, well below the third quarter of 2025. Net income for the quarter was $31.6 million, while the nine-month 2026 figure is a net loss of $350.2 million.

Cipher also disclosed an amendment to the Barber Lake lease with an unnamed "leading AI lab": the term was extended to 20 years and total contracted revenue at the site rose to about $9.1 billion, an increase of roughly $5.2 billion. We covered the company's $850 million convertible notes for these projects in October.

What this means for the market

The report shows how public miners' income mix is shifting: bitcoin mining brings in a shrinking share of revenue while long-term AI data center leases move to the front. For the Bitcoin network, that means part of these companies' power capacity is moving from mining to computing. More on miners on the Bitcoin page and in the daily brief.