Bitcoin miner Cipher posts $31 million profit as AI pivot begins

Cipher Mining reported a $31 million net profit for the third quarter despite a 63% year-over-year revenue decline, driven largely by a $127 million accounting gain that offset an operating loss. The Bitcoin miner's results come as it executes a pivot toward AI and high-performance computing, a strategy increasingly common among miners seeking to diversify away from volatile crypto revenues. The profit was not generated from core mining operations, which remained pressured, but from non-cash items, a distinction investors will scrutinize as the company's AI transition progresses. Cipher joins peers like Core Scientific and Hut 8 in repositioning capacity for AI workloads, where long-term hosting contracts offer steadier cash flows than Bitcoin mining. Watch for updates on Cipher's AI contract pipeline, conversion of its data center buildout into signed hosting deals, and whether core mining economics improve alongside the strategic shift.