Net profit of $31.6 million, Cipher Digital's Q3 revenue down 63% year-over-year

Odaily reports that Bitcoin mining company turned data center developer Cipher Digital announced a Q3 net profit of $31.6 million, with revenue down 63% year-over-year. Its Q3 revenue fell to $26.7 million from $71.7 million in the same period last year, of which Bitcoin mining revenue was $20.8 million, down 71% year-over-year.

Cipher Digital shifted its computing power from mining to leasing data centers to AI companies. The first phase of its Black Pearl data center in Texas began operations in August, and this business generated $5.9 million in revenue for the first time. The company posted an operating loss of $71.9 million for the quarter, wider than the $37.6 million loss in the same period last year; adjusted EBITDA swung from a profit of $40.8 million to a loss of $10 million.