Cipher trims grid pipeline to 3.4 GW, leans on gas for 5.9 GW total

The Bitcoin miner turned compute landlord posted a 62.8% revenue drop in Q3 while booking its first HPC leasing income Cipher Digital (NASDAQ: CIFR) now says its total power development pipeline sits at approximately 5.9 GW. The catch is where that power comes from. The grid-connected slice fell to 3.4 GW. The rest, up to 2.5 GW, would come from potential on-site natural gas generation. The pipeline update arrived alongside third-quarter 2026 results, released on November 2, 2026. Those numbers told a story of a company caught mid-transformation, with one foot in Bitcoin mining and the other in high-performance computing. A quarter of two businesses Total Q3 2026 revenue came in at $26.7 million. That’s down 62.8% from $71.7 million in the same quarter a year earlier. Bitcoin mining still did most of the heavy lifting, contributing $20.85 million. But that line has shrunk sharply, and it drove most of the overall decline. Cipher booked $5.85 million in HPC leasing revenue, its first ever from that business. Profitability was harder to find. Adjusted EBITDA landed at negative $9.96 million, reflecting the pressure from falling revenue during the pivot. The power math behind the pivo...