CIFRCipher Digital Inc.
Industry Bitcoin miner AI pivot Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$7.94 → $7.94
Promises vs. what happened
15 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| 13.5 EH/s by end '24 | Q3 '24 | ~13.5 EH/s | Held |
| ~23 EH/s in Q3 '25 | Q4 '24 | ~23.6 EH/s | Held |
| Black Pearl energised Q2 '25 | Q3 '24 | on time | Held |
| A Barber Lake tenant | Q2 '25 | Fluidstack, next quarter | Held |
| AWS rent from Aug '26 | Q3 '25 | rent began Aug '26 | Late |
| Fortress JV for Barber Lake | Q1 '25 | replaced by bonds, never explained | Dropped |
| Reveille 70 MW, Q4 '27 | Q3 '24 | target now Q3 '27 | Open |
| Barber Lake done Sep '26 | Q3 '25 | halls Q4 '26–Q1 '27 (8-K) | Open |
| Colchis 1 GW in 2028 | Q3 '25 | subject to ERCOT | Open |
| Odessa to HPC after Jul '27 | Q4 '25 | talks, no lease | Open |
| ~$669M a year of rent, 2026–36 | Q4 '25 | raised to ~$793M | Open |
| Black Pearl: 300 MW of mining | Q3 '24 | leased to AWS instead | Missed |
| ~2.6 GW running by 2027 | Q4 '24 | about 1.3 GW now planned | Missed |
| Three 500 MW sites, Q4 '27 | Q3 '24 | 2028, subject to ERCOT | Missed |
| Stingray energised Q2 '26 | Q4 '24 | delivery 1H '27 | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
PipelinePage one since Q1 '26
HashrateOff page one Q3 '25
LeasesNew Q1 '25 · Page one since Q1 '26
New identityPage one since Q4 '25
FinancingFirst seen Q1 '25
On scheduleFirst seen Q3 '24
Contracted rentFirst seen Q4 '25
Power priceOff page one Q3 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Pipeline capacity (GW)
“A DATA CENTER DEVELOPER WITH A BUILT-IN OFFTAKE”
Deck Cipher Mining Business Update Presentation - Q3 2024 · p. 3 ·
Pipeline capacity (GW)
“Steady Scaling – Pipeline Capacity”
Deck Cipher Mining Business Update Presentation - Q4 2024 · p. 5 ·
Pipeline capacity (GW)
“Future Capacity at 7 Sites(3)”
Deck Cipher Mining Business Update Presentation - Q1 2025 · p. 3 ·
Pipeline capacity (GW)
“Future Potential Capacity at 7 Sites(3)”
Deck Cipher Mining Business Update Presentation - Q2 2025 · p. 3 ·
Pipeline capacity (GW)
“Operating Capacity Contracted AI Hosting Capacity Pipeline Capacity Timeline”
Deck Cipher Mining Business Update Presentation - Q3 2025 · p. 6 ·
Pipeline capacity (GW)
“Total Pipeline Capacity”
Deck Cipher Digital Business Update Presentation - Q4 2025 Earnings · p. 17 ·
Pipeline capacity (GW)
“portfolio of grid pipeline capacity expected to be energized across 2027”
Deck Cipher Digital Business Update Presentation - Q1 2026 Earnings · p. 4 ·
Pipeline capacity (GW)
“portfolio of grid pipeline capacity expected to be energized across 2027”
Deck Cipher Digital Business Update Presentation - Q2 2026 Earnings · p. 3 ·
Bitcoin self-mining hashrate
“~13.5 EH/s @ ~18.9 J/TH”
Deck Cipher Mining Business Update Presentation - Q3 2024 · p. 4 ·
Bitcoin self-mining hashrate
“SELF-MINING HASHRATE”
Deck Cipher Mining Business Update Presentation - Q4 2024 · p. 3 ·
Bitcoin self-mining hashrate
“Black Pearl Phase I o Nearing completion of substation and buildings o On track for early deployment of ~2.5 EH/s in 2Q 2025”
Deck Cipher Mining Business Update Presentation - Q1 2025 · p. 4 ·
Bitcoin self-mining hashrate
“NEAR-TERM HASHRATE GROWTH”
Deck Cipher Mining Business Update Presentation - Q2 2025 · p. 3 ·
Bitcoin self-mining hashrate
“Exceeded Q3 2025 hashrate projections and achieved total self-mining hashrate of ~23.6 EH/s”
Deck Cipher Mining Business Update Presentation - Q3 2025 · p. 5 ·
Bitcoin self-mining hashrate
“Transition from BTC Mining to HPC”
Deck Cipher Digital Business Update Presentation - Q4 2025 Earnings · p. 8 ·
Hyperscale HPC leases
“Tenant focus at Barber Lake and Black Pearl Phase II o Continued interest across portfolio sites with multiple tenants under NDA”
Deck Cipher Mining Business Update Presentation - Q1 2025 · p. 4 ·
Hyperscale HPC leases
“Advanced tenant discussions at Barber Lake site”
Deck Cipher Mining Business Update Presentation - Q2 2025 · p. 4 ·
Hyperscale HPC leases
“Executed 15-Year Data Center Campus Lease with Amazon Web Services to Support AI Workloads”
Deck Cipher Mining Business Update Presentation - Q3 2025 · p. 3 ·
Hyperscale HPC leases
“Two leases signed with”
Deck Cipher Digital Business Update Presentation - Q4 2025 Earnings · p. 6 ·
Hyperscale HPC leases
“of operating and contracted capacity today, including three data center campus leases with world’s leading”
Deck Cipher Digital Business Update Presentation - Q1 2026 Earnings · p. 4 ·
Hyperscale HPC leases
“of operating and contracted capacity today, including three data center campus leases with world’s leading”
Deck Cipher Digital Business Update Presentation - Q2 2026 Earnings · p. 3 ·
From bitcoin miner to HPC developer
“Clean balance sheet ready to optimize financing large HPC buildouts”
Deck Cipher Mining Business Update Presentation - Q3 2024 · p. 3 ·
From bitcoin miner to HPC developer
“Bridge the gap between the needs of BTC mining and AI compute”
Deck Cipher Mining Business Update Presentation - Q2 2025 · p. 5 ·
From bitcoin miner to HPC developer
“Transformational Transactions Unlock HPC Opportunity”
Deck Cipher Mining Business Update Presentation - Q3 2025 · p. 5 ·
From bitcoin miner to HPC developer
“Evolution to a Compute Infrastructure Platform”
Deck Cipher Digital Business Update Presentation - Q4 2025 Earnings · p. 3 ·
From bitcoin miner to HPC developer
“Vertically Integrated Developer & Operator In”
Deck Cipher Digital Business Update Presentation - Q1 2026 Earnings · p. 4 ·
From bitcoin miner to HPC developer
“Vertically Integrated Developer & Operator In”
Deck Cipher Digital Business Update Presentation - Q2 2026 Earnings · p. 3 ·
Project financing
“Signed joint venture term sheet with Fortress to secure financing for Barber Lake site”
Deck Cipher Mining Business Update Presentation - Q1 2025 · p. 4 ·
Project financing
“Black Pearl Phase I o Construction and energization successfully completed with ~6.9 EH/s currently deployed o Purchased ~1.5 EH/s of Canaan A15 Pro rigs, which will increase Black Pearl Phase I hashrate to ~10.0 EH/s in Q3 2025 o Completed convertible offering raising net proceeds of ~$168m to finalize funding for Black Pearl Phase I”
Deck Cipher Mining Business Update Presentation - Q2 2025 · p. 4 ·
Project financing
“Completed successful convertible offering raising gross proceeds of ~$1.3Bn”
Deck Cipher Mining Business Update Presentation - Q3 2025 · p. 5 ·
Project financing
“Black Pearl and Barber Lake Developments are Fully Funded”
Deck Cipher Digital Business Update Presentation - Q4 2025 Earnings · p. 19 ·
Project financing
“Inaugural $200MM Revolving Credit Facility”
Deck Cipher Digital Business Update Presentation - Q1 2026 Earnings · p. 7 ·
Project financing
“Stingray development fully funded through substantial completion”
Deck Cipher Digital Business Update Presentation - Q2 2026 Earnings · p. 6 ·
Construction on schedule
“Steel erection, concrete foundations, and underground electrical progressing on schedule”
Deck Cipher Mining Business Update Presentation - Q3 2024 · p. 10 ·
Construction on schedule
“Black Pearl Phase I construction ahead of schedule”
Deck Cipher Mining Business Update Presentation - Q4 2024 · p. 4 ·
Construction on schedule
“Substantially completed the core and shell and ready to receive rigs for first 50 MW data hall”
Deck Cipher Mining Business Update Presentation - Q1 2025 · p. 10 ·
Construction on schedule
“Construction and energization completed on schedule in Q2 2025”
Deck Cipher Mining Business Update Presentation - Q2 2025 · p. 10 ·
Construction on schedule
“Ground has been broken at the site and engineering, procurement, and construction are underway and progressing on schedule”
Deck Cipher Mining Business Update Presentation - Q3 2025 · p. 8 ·
Construction on schedule
“All current design milestones have been achieved on schedule”
Deck Cipher Digital Business Update Presentation - Q4 2025 Earnings · p. 11 ·
Construction on schedule
“Execution Defines 2026”
Deck Cipher Digital Business Update Presentation - Q1 2026 Earnings · p. 7 ·
Construction on schedule
“First capacity delivered to tenant 2 months ahead of original schedule”
Deck Cipher Digital Business Update Presentation - Q2 2026 Earnings · p. 8 ·
Contracted NOI
“Contracted capacity expected to generate ~$669MM of average annualized NOI over base lease term”
Deck Cipher Digital Business Update Presentation - Q4 2025 Earnings · p. 7 ·
Contracted NOI
“Contracted capacity expected to generate ~$787MM of average annualized NOI over base lease term”
Deck Cipher Digital Business Update Presentation - Q1 2026 Earnings · p. 6 ·
Contracted NOI
“Contracted capacity expected to generate ~$793MM of average annualized NOI over base lease term”
Deck Cipher Digital Business Update Presentation - Q2 2026 Earnings · p. 5 ·
Low-cost power
“(4) Represents the expected weighted average power price at Cipher’s current sites”
Deck Cipher Mining Business Update Presentation - Q3 2024 · p. 4 ·
Low-cost power
“~2.7c/kwh”
Deck Cipher Mining Business Update Presentation - Q4 2024 · p. 3 ·
Low-cost power
“SELF-MINING EFFICIENCY 2.7 c/kwh”
Deck Cipher Mining Business Update Presentation - Q1 2025 · p. 3 ·
Low-cost power
“Q3 2025 3.1 c/kwh”
Deck Cipher Mining Business Update Presentation - Q2 2025 · p. 3 ·
Low-cost power
“Odessa’s fixed”
Deck Cipher Digital Business Update Presentation - Q4 2025 Earnings · p. 14 ·
Low-cost power
“BTC Mined at Odessa in Q1 2026”
Deck Cipher Digital Business Update Presentation - Q1 2026 Earnings · p. 13 ·
What they keep talking about · 8
The themes that show up deck after deck, and the ones that disappear.
- Pipeline
- On the opening slide in five decks: ~2.3 GW, ~2.8, 2.6, ~3.3, then ~4.4 GW, with the definition changed three times. Most of it waits on ERCOT studies.
- Hashrate
- The growth story through Q3 '25 (~23.6 EH/s); a 'Bitcoin Mining Exit Strategy' from Q4 '25; Odessa's ~11.6 EH/s only as a site snapshot since.
- Leases
- AWS took the opening slide in Q3 '25. The third lease (Q1 '26) is described without the tenant's name.
- New identity
- Cipher Mining became Cipher Digital with the Q4 '25 deck: a 'Vertically Integrated Developer & Operator'.
- Financing
- Equity and converts at the parent, then non-recourse bonds site by site from Q4 '25. The Fortress joint venture appeared once and vanished.
- On schedule
- Every deck says 'on schedule'. Stingray slipped from Q2 '26 to Q4 '26 to 1H '27; Barber Lake's halls moved to Q4 '26–Q1 '27 (8-K, Sep '26).
- New
- Contracted rent from Q4 '25: ~$669M, ~$787M, then ~$793M a year. Contractual; none received from Barber Lake by the last deck.
- Quiet
- Cost per bitcoin left after Q3 '25 and the power price after Q2 '25. Adjusted Earnings gave way to Adjusted EBITDA, which also adds back impairment.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 4 Aug 2026
- Q1 2026 release · 8-K 5 May 2026
- Q4 2025 release · 8-K 24 Feb 2026
- Q3 2025 release · 8-K 3 Nov 2025
- Q2 2025 release · 8-K 7 Aug 2025
- Q1 2025 release · 8-K 6 May 2025
- Q4 2024 release · 8-K 25 Feb 2025
- Q3 2024 release · 8-K 31 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 47% | · | 33% | 60% | 35% | 36% | 58% | 54% |
| Growth & sales | 6% | · | · | · | 10% | · | · | 8% |
| Pricing & margins | 12% | · | · | 20% | 10% | · | 8% | 8% |
| Guidance & outlook | 6% | · | · | · | · | 7% | · | 8% |
| Capacity & supply | 41% | 33% | 50% | · | 45% | 29% | 50% | 38% |
| Capital & financing | 24% | · | 50% | 20% | 10% | 14% | 17% | 15% |
| Competition | · | · | · | · | 5% | · | · | · |
| Products & technology | 6% | · | · | 20% | · | · | 8% | 8% |
| Macro & regulation | 6% | · | · | · | · | · | · | · |
| Other | 29% | 67% | 17% | 40% | 40% | 36% | 25% | 23% |
| Questions | 17 | 3 | 6 | 5 | 20 | 14 | 12 | 13 |
| How much the CEO talked | 1% | 90% | 37% | 0% | 98% | 100% | 93% | 81% |
Who’s in charge, who’s selling
read from the filings · 1 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · worsening
The founder is selling down
Bitfury held 15.1% at the proxy date and sold $487.2M from July '25 to June '26, $78.5M of it in the two days after the annual meeting. A 2022 right to send a board observer was never used and was ended on 22 July 2025. The chair sat on Bitfury's advisory board until 2021.
Tier 2 · stable
$19M sold by directors and officers in 12 months, $0 bought
The CEO sells under a pre-set plan. Five directors, including the audit committee chair, sold without one.
Tier 2 · stable
The share count rises from four directions
The ATM ($129M in H1 '26), Google's 24.2M penny warrants, and convertibles at $4.45 and $16.03 that would add about 120M shares. Diluted shares are up 67% since 2022.
Tier 2 · improving
Pay is high for a company with no rent yet; dissent has halved
CEO pay $15.0M in 2025. Performance units vest at $5B, $7.5B and $10B of market value; the first two were met within weeks of the AWS and Google deals. The retiring CFO's awards kept vesting. Votes against pay: 27.8% in 2025, 16.5% in 2026.
Tier 3 · resolved
The auditor changed after an adverse controls opinion; the weakness is fixed
Marcum's 2024 opinion on controls was adverse. It resigned in April '25 after CBIZ bought its audit practice; CBIZ's 2025 opinion is clean.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Pay (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 60.6M | 30.4M | 16.5% |
| Williams (audit)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | — | 28.0M | 15.1% |
| Newsome (chair)A board seat. | — | 5.1M | 2.7% |
| Long (nominating chair)A board seat. | 41.6M | — | — |
| Auditor (CBIZ)The auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 0.8M | 1.6M | 0.6% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct 2025–Sep 2026 | Sold | Note |
|---|---|---|
| V3 Holding (Bitfury) | $173.1M | October '25, and the two days after the June annual meeting |
| Page, CEO | $5.5M | all under a plan |
| Kelly, COO | $4.1M | mostly under a plan |
| Iwaschuk, chief legal officer | $3.9M | under a plan |
| Williams, director | $2.1M | audit committee; no plan |
| Grossman, audit chair | $1.8M | no plan |