Cipher Mining Rebrands as Cipher Digital to Double Down on AI Data Center Leases
Cipher Mining (NASDAQ: CIFR) said it has rebranded as Cipher Digital as the company leans further into AI data center development, alongside fourth-quarter and full-year 2025 results released Tuesday.
The Nasdaq-listed bitcoin miner said the name change is meant to reflect a shift away from a business model centered on bitcoin mining toward one built on long-term data center leases and contracted cash flows. CEO Tyler Page said Cipher expanded its hosted-compute relationships during the quarter, including an upsized lease with Fluidstack and Google and what it described as its first HPC lease with Amazon.
As part of that repositioning, Cipher said it sold its 49% interest in three 40-megawatt joint-venture mining sites—Alborz, Bear and Chief—along with select mining rigs previously deployed at its Black Pearl site to Canaan in a $40 million all-stock deal.
For the fourth quarter, Cipher reported revenue of $60 million and an adjusted net loss of $55 million. It also reported holding $125.4 million worth of bitcoin as of Dec. 31, which implied that it mined an estimated 623 BTC during the quarter and sold about 690 BTC in total.
Cipher noted debt financings that it said can fully fund the construction for two marquee HPC developments, Barber Lake and Black Pearl. Cipher completed three senior secured note offerings totaling $3.73 billion in proceeds, including $1.73 billion at 7.125% for Barber Lake (a $1.4 billion deal plus a $333 million add-on) and $2.0 billion at 6.125% for Black Pearl.
On the commercial side, Cipher said it has 600 megawatts of gross contracted HPC capacity across two leases: a 15-year, 300 MW lease with AWS and a 10-year, 300 MW lease with Fluidstack and Google. It said Barber Lake is “on track” with roughly 95% of long-lead equipment secured, while Black Pearl remains on schedule with engineering, procurement and construction underway.
