According to BlockBeats, on May 5th, Bitcoin mining company Cipher Digital disclosed a net loss of $114 million for the first quarter of 2026, further widening from the $39 million loss in the same period last year.
The financial report shows that the company's Bitcoin mining revenue fell to $35 million in the quarter, a year-on-year decline (from $49 million in the same period last year), while its Bitcoin holdings also decreased from $125 million to $76 million.
Despite pressure on earnings, CEO Tyler Page emphasized that the company is accelerating its transformation towards AI and high-performance computing infrastructure. The company signed its third AI data center campus lease agreement in the first quarter, with the customer being an investment-grade hyperscale cloud provider.
Currently, Cipher Digital is shifting from a single mining model to leasing power and computing infrastructure to AI and cloud computing companies, and is advancing the construction of its two major data center projects, Barber Lake and Black Pearl. In addition, the company recently secured a revolving credit line of up to $200 million to support its transformation and expansion.
