Cipher Digital books first HPC lease revenue as Bitcoin mining fades

Cipher Digital reported its first high-performance computing (HPC) lease revenue as its Bitcoin mining business declines, marking a strategic pivot toward infrastructure leasing. The company is transitioning away from volatile mining income toward contracted HPC capacity revenue, though the article did not disclose specific dollar figures for the lease or mining segments. The move matters because it signals a broader trend of crypto miners repurposing power and data-center assets for AI and cloud computing clients. Investors will watch whether Cipher can scale lease bookings and convert its mining footprint into durable, recurring HPC revenue.