Cipher, the company formerly known as Cipher Mining, announced its fourth quarter and full-year 2025 financial results, reporting revenue of $60 million and an adjusted net loss of $55 million, below analyst expectations.
The company attributed these numbers to high transition costs as the company transitions away from its core business of Bitcoin mining.. Those costs are treated as necessary collateral.
Cipher has rebranded
CEO Tyler Page still tagged 2025 as a year of transformation, reflecting the company’s continued momentum as it evolves into a leading HPC data center development company.
During the quarter, Cipher increased its first leases with Fluidstack and Google, and signed its first HPC lease with Amazon. We also successfully completed multiple bond issuances to fund two existing HPC projects in Barber Lake and Black Pearl.
“Recognizing the successful transformation of our business model and future strategic priorities, we are proud to officially operate as Cipher Digital,” said Page. declared.
The company’s rebranding to Cipher Digital means it is focused on sourcing and securing power, developing advanced data centers dedicated to HPC workloads, and leasing capacity to companies entrenched in the AI race.
Cipher has secured funding for the transition
To fund the transition, Cipher sold a 49% interest in three 40MW joint venture sites, Alborz, Bear, and Chief, as well as some Bitcoin mining machines previously deployed at Black Pearl, to Canaan Inc. for approximately $40 million in an all-stock transaction.
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The company also executed three offers to finance the construction of Barber Lake and Black Pearl, raising $3.73 billion in the process. Cipher is raising this amount through three senior secured debt issuances, which will support the buildout of its HPC infrastructure.
Securing transition funding removes a major hurdle in the execution of these large-scale projects, allowing Cypher to fully focus on the construction and delivery of Barber Lake and Black Pearl, both of which are on schedule with the support of best-in-class construction teams.
“2026 is a year of execution for Cipher as we fully transition our business to a leading infrastructure platform. With construction on our existing projects on track, a deep and expanding development pipeline, and demand from both capital providers and tenants increasing, we are firmly focused on establishing Cipher Digital as the premier developer and operator of data centers powering next-generation computing,” Page said.
Solo Bitcoin miner scores rare win
Earlier today, one miner made headlines for his success. mining Block of 938092 $BTC blockchain. The block was mined at approximately 8:04 AM UTC, and the miner received a subsidy of 3.125 of the full block value. $BTC The total including transaction fees will be approximately 3.128. $BTC. The total prize money was worth about $200,000 at the time.
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Although rare, this is not the first time a solo miner has earned a full block reward on his own. Reported by Cryppolitan november and december Last year, when a solo miner mined block 924,569 and earned a six-figure reward; 928,351 each.
of $BTC The network hash rate is currently hovering around 1000-1,060 EH/s after recovering from the drop caused by the US winter storm, and the difficulty has just increased by 15% to 144.4 trillion on February 19, 2026.
But even as blocks are harder to find now than ever, forcing institutional miners like Cipher to step into the AI pivot, the success stories of solo miners are a timely reminder for Bitcoin purists who reminisce about the days when miners protected the network from simple rigs in garages.
