Cipher Digital books Q3 profit on warrant gain as mining revenue slumps
Bitcoin miner Cipher Digital reported third-quarter net income of $31.6 million, driven by a $127 million non-cash revaluation gain on warrants issued to Google. Revenue fell 63% year on year to $26.7 million, with mining down 71% to $20.8 million, while its Black Pearl site in Texas produced $5.9 million in first data-centre revenue. The company also extended its Barber Lake lease to 20 years, lifting contracted revenue there to about $9.1 billion.