Cipher, the corporate previously referred to as Cipher Mining, introduced its fourth quarter and full-year 2025 monetary outcomes, reporting income of $60 million and an adjusted internet lack of $55 million, beneath analyst expectations.
The corporate attributed these numbers to excessive transition prices as the corporate transitions away from its core enterprise of Bitcoin mining.. These prices are handled as vital collateral.
Cipher has rebranded
CEO Tyler Web page nonetheless tagged 2025 as a yr of transformation, reflecting the corporate's continued momentum because it evolves into a number one HPC information heart improvement firm.
In the course of the quarter, Cipher elevated its first leases with Fluidstack and Google, and signed its first HPC lease with Amazon. We additionally efficiently accomplished a number of bond issuances to fund two present HPC tasks in Barber Lake and Black Pearl.
“Recognizing the profitable transformation of our enterprise mannequin and future strategic priorities, we’re proud to formally function as Cipher Digital,” mentioned Web page. declared.
The corporate's rebranding to Cipher Digital means it’s centered on sourcing and securing energy, growing superior information facilities devoted to HPC workloads, and leasing capability to corporations entrenched within the AI race.
Cipher has secured funding for the transition
To fund the transition, Cipher offered a 49% curiosity in three 40MW three way partnership websites, Alborz, Bear, and Chief, in addition to some Bitcoin mining machines beforehand deployed at Black Pearl, to Canaan Inc. for about $40 million in an all-stock transaction.
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The corporate additionally executed three gives to finance the development of Barber Lake and Black Pearl, elevating $3.73 billion within the course of. Cipher is elevating this quantity via three senior secured debt issuances, which is able to help the buildout of its HPC infrastructure.
Securing transition funding removes a significant hurdle within the execution of those large-scale tasks, permitting Cypher to totally concentrate on the development and supply of Barber Lake and Black Pearl, each of that are on schedule with the help of best-in-class development groups.
“2026 is a yr of execution for Cipher as we totally transition our enterprise to a number one infrastructure platform. With development on our present tasks on observe, a deep and increasing improvement pipeline, and demand from each capital suppliers and tenants rising, we’re firmly centered on establishing Cipher Digital because the premier developer and operator of information facilities powering next-generation computing,” Web page mentioned.
Solo Bitcoin miner scores uncommon win
Earlier in the present day, one miner made headlines for his success. mining Block of 938092 $BTC blockchain. The block was mined at roughly 8:04 AM UTC, and the miner obtained a subsidy of three.125 of the complete block worth. $BTC The whole together with transaction charges might be roughly 3.128. $BTC. The whole prize cash was value about $200,000 on the time.
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Though uncommon, this isn’t the primary time a solo miner has earned a full block reward on his personal. Reported by Cryppolitan november and december Final yr, when a solo miner mined block 924,569 and earned a six-figure reward; 928,351 every.
of $BTC The community hash fee is presently hovering round 1000-1,060 EH/s after recovering from the drop attributable to the US winter storm, and the issue has simply elevated by 15% to 144.4 trillion on February 19, 2026.
However whilst institutional miners like Cipher are pressured into the AI pivot, making blocks tougher to search out than ever, the success tales of solo miners are a well timed reminder for Bitcoin purists who bear in mind the times when miners protected the community from easy rigs in garages.
