Cipher Digital books first HPC lease revenue as Bitcoin mining fades

The former miner recorded $5.85 million from data center leases in Q3 2026 while mining revenue fell 71% year over year Cipher Digital has collected its first rent check. In Q3 2026, the Nasdaq-listed company (CIFR) recorded $5.85 million in high-performance computing (HPC) lease revenue, about 22% of its quarterly total. That number is small next to the company’s ambitions. It matters because it is the first time Cipher’s pivot from Bitcoin miner to data center landlord has shown up as revenue on the income statement, rather than as a slide in an investor deck. A quarter of two businesses Cipher’s Q3 2026 results tell two different stories. The new business is starting to produce revenue. The old one is shrinking fast. Total revenue came in at $26.7 million, down from $71.7 million a year earlier. Most of that decline came from Bitcoin mining, where revenue fell 71% year over year to $20.8 million. The first HPC capacity came online at Cipher’s Black Pearl campus. The company delivered that infrastructure in August 2026, ahead of schedule. Despite the revenue drop, Cipher reported a GAAP net profit of $31.6 million for the quarter. Before anyone reads that as a sign of a booming o...