Cipher Digital Reports $114 Million Net Loss Amid Decline in Bitcoin Mining Revenue

Cipher Digital reported a net loss of $114 million in the first quarter, with bitcoin mining revenue decreasing to $35 million from $49 million a year earlier. According to NS3.AI, the company has been transitioning towards AI and cloud infrastructure, signing its third AI data center campus lease with an investment-grade Hyperscale tenant during the quarter. Additionally, Cipher Digital announced last month that it secured a revolving credit facility of up to $200 million. The company's bitcoin holdings also declined to $76 million from $125 million.