2 weeks ago
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MarketBeat
Tue, February 24, 2026 astatine 9:44 AM CST 8 min read
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Cipher Mining is rebranding to Cipher Digital and shifting from Bitcoin mining to hyperscale HPC hosting, having signed 2 data‑center field leases totaling 600 MW and astir $9.3 billion successful contracted gross with 10–15 twelvemonth presumption and projected mean yearly NOI of astir $669 million (Oct 2026–Sep 2036) and ~$754 million by 2035.
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The institution secured project‑level, fixed‑rate financing to afloat money construction—including Barber Lake indebtedness (~$1.73 billion full positive $477 million equity) and a $2.0 billion enactment for Black Pearl—and ended the 4th with $754 million of currency equivalents and Bitcoin, saying it does not expect to request further equity for its contracted developments.
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Cipher is materially reducing Bitcoin exposure—selling 49% stakes successful 3 JV sites to Canaan, liquidating a ample information of its BTC treasury (holding ~1,166 BTC arsenic of Feb. 20 and readying to exit by extremity of 2026)—and volition clasp lone Odessa arsenic its operating mining tract (≈207 MW, PPA ≈$0.028/kWh) with nary further mining capex planned.
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Cipher Mining (NASDAQ:CIFR) utilized its fourth-quarter and full-year 2025 concern update telephone to outline a large strategical displacement distant from Bitcoin mining and toward gathering and operating hyperscale information halfway infrastructure for high-performance computing (HPC) workloads.
Chief Executive Officer Tyler Page said 2025 was “a defining year” successful which the institution completed what helium described arsenic a deliberate translation from a Bitcoin miner into a integer infrastructure institution “purpose-built to present hyperscale compute.” Page announced the institution is formally rebranding arsenic Cipher Digital, calling the alteration “not an aspirational shift” but a reflection of enactment already completed.
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Page emphasized the company’s absorption connected long-duration contracted currency flows done leases with ample customers. He said Cipher has executed 2 information halfway field leases totaling 600 MW of gross capacity and astir $9.3 cardinal successful contracted revenue, with archetypal lease presumption of 10 to 15 years and aggregate hold options. Based connected contracts already signed, Page said the leases are expected to make astir $669 cardinal of mean annualized nett operating income (NOI) from October 2026 to September 2036, and helium cited a projection of astir $754 million of yearly NOI by 2035.
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