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Cipher Digital reports a loss of $114 million in the first quarter, accelerating the transformation to AI data center business
BlockBeats News, May 5th, Bitcoin mining company Cipher Digital disclosed a net loss of $114 million in the first quarter of 2026, further widening from a $39 million loss in the same period last year.
The financial report shows that the company’s Bitcoin mining revenue for the quarter dropped to $35 million, a year-over-year decline (last year’s same period was $49 million), while its Bitcoin holdings also decreased from $125 million to $76 million.
Despite the pressure on performance, CEO Tyler Page emphasized that the company is accelerating its transformation toward AI and high-performance computing infrastructure. The company signed its third AI data center park leasing agreement in the first quarter, with a client that is an investment-grade large-scale cloud provider.
Currently, Cipher Digital is shifting from a single mining model to leasing power and computing infrastructure to AI and cloud computing enterprises, and is advancing the construction of two major data center projects, Barber Lake and Black Pearl. Additionally, the company recently secured a revolving credit line of up to $200 million to support its transformation and expansion.