Cipher Mining Statistics 2026: Revenue, Hashrate and HPC Leases

Cipher Digital reported about $11.4 billion of contracted revenue and 700 MW of contracted gross HPC capacity in its Q2 2026 business update presentation. The company changed its name from Cipher Mining Inc. to Cipher Digital Inc. on February 20, 2026, according to a Form 8-K filed with the SEC, and still trades on Nasdaq as CIFR. Revenue of $24.8 million in the three months ended June 30, 2026 came from bitcoin mining at the Odessa Facility, down from $43.6 million a year earlier, its Form 10-Q shows.

Cipher Mining statistics now describe a data center developer as much as a miner. Interest expense in the same quarter was $66.7 million. That is about 2.7 times the quarter’s revenue. Total operating hashrate fell from about 23.6 EH/s in Q4 2025 to about 11.6 EH/s, reflecting the decommissioning of rigs at Black Pearl and the sale of the Alborz, Bear and Chief joint venture sites. The statistics below follow Cipher’s shift from bitcoin miner to data center landlord through revenue, leases, pipeline capacity, hashrate, bitcoin holdings, and debt.

Key Takeaways

• Interest expense reached $66.7 million in Q2 2026, up from $1.1 million in Q2 2025.
• Odessa mined about 346 BTC in Q1 2026 and about 346 BTC again in Q2 2026 at about 11.6 EH/s of total hashrate.
• The pro forma capacity mix is about 13% contracted HPC, about 83% pipeline HPC, and about 4% Bitcoin mining, across about 5,277 MW at 11 sites.
• Long-term debt principal totaled $6.02 billion at June 30, 2026, against total stockholders’ equity of $562.1 million.
• The Barber Lake amendment raised contracted revenue at that campus from $3.8 billion to over $9 billion and extended its lease duration from 10 years to 20 years.
• The company held approximately 646 bitcoin at June 30, 2026, down from approximately 1,433 at December 31, 2025, per its SEC filings.
• Google is to backstop up to $1.73 billion of Fluidstack’s lease obligations at Barber Lake.

Editor’s Choice

• Contracted revenue, Q2 2026 presentation: About $11.4 billion.
• Operating and contracted capacity: 907 MW.
• Total portfolio grid capacity, June 30, 2026: Approximately 5.3 GW across 11 sites.
• 2025 bitcoin mining revenue: $223.9 million.
• Q2 2026 net loss: $267.5 million.
• Amazon Web Services lease at Black Pearl: About $5.5 billion over 15 years.
• Odessa power cost: About 2.8 cents per kWh.

Cipher Mining Statistics at a Glance

• Cipher operated approximately 207 MW of power at one bitcoin mining data center in Texas when it filed its 2025 annual report.
• The 907 MW of operating and contracted capacity is based on gross MWs for executed HPC leases and currently operating bitcoin self-mining capacity.
• Contracted leases are expected to generate about $793 million of average annualized NOI from October 2026 to September 2036, through the end of the Barber Lake base lease term.
• The grid pipeline holds about 4.4 GW of capacity expected to be energized across 2027 to 2030 and beyond, with gross pipeline capacity subject to the ERCOT batch process.
• Cipher had 66 full-time employees, including officers, as of its 2025 Form 10-K filing.

Source: Cipher Digital Q2 2026 Business Update Presentation, Form 10-Q for Q2 2026, Form 10-K for 2025

About This Data

Figures come from thirteen sources: four SEC filings, three investor presentations and six company press releases, all published within roughly the past year. Only Cipher’s own filings, earnings releases and presentations qualified. Where Cipher does not publish a figure, such as the third lease’s revenue, the gap is stated rather than estimated, and figures are updated when the company files new results. The debt and holdings data trace to the company’s latest quarterly SEC filing.

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Cipher Mining Revenue and Net Loss by Year

• Revenue for 2025 was $223.9 million, compared with $151.3 million in 2024, generated from bitcoin mining operations at the Odessa and Black Pearl Facilities.
• The 2025 increase was primarily driven by a higher average bitcoin price, partially offset by fewer bitcoin mined after the April 2024 halving.
• Revenue in 2023 was $126.8 million.
• The 2025 net loss widened to $822.2 million, from $44.6 million in 2024.
• Loss per share was $2.15 in 2025, $0.14 in 2024, and $0.10 in 2023.
• Compensation and benefits rose to $79.1 million in 2025.

Recent Developments

• September 25, 2026: Cipher extended the Barber Lake lease duration from 10 years to 20 years, adding approximately $5.2 billion of incremental contracted revenue through a binding commitment with a leading AI lab.
• September 14, 2026: Cipher Digital, Fluidstack and Anthropic committed a combined $10 million to repair and expand Colorado City’s water system.
• September 3, 2026: Cipher began developing lateral pipelines to deliver natural gas for on-site generation of up to 2.5 GW of electricity.
• August 4, 2026: Cipher began delivering Black Pearl data center capacity at the beginning of August, two months ahead of the original schedule, and took an option on the Apollo site for up to 900 MW.
• June 15, 2026: Stingray Compute issued $810.0 million of 6.000% Senior Secured Notes due 2031.

CIFR Quarterly Earnings Results

• Cipher reported Q2 2026 revenue of $25 million and Adjusted EBITDA of negative $30 million.
• Q1 2026 revenue was $35 million, with Adjusted EBITDA of negative $48 million.
• Q4 2025 revenue was $60 million, with an Adjusted Net Loss of $55 million.
• Revenue for the quarter ended September 30, 2025 was $71.7 million, up from $24.1 million a year earlier.
• Lower bitcoin prices drove the year-over-year revenue decline in Q2 2026, partially offset by an increase in total bitcoin mined.
• Loss per share was $0.65 in Q2 2026, against $0.12 in Q2 2025.
• The change in fair value of the warrant liability was a $150.5 million charge in Q2 2026.
• Revenue for the first six months of 2026 was $59.7 million, against $92.5 million a year earlier.

Source: Cipher Digital earnings releases, May and August 2026

Operating Costs and Interest Expense

• Interest expense of $66.7 million in Q2 2026 is the largest line in the chart below, against $1.1 million in Q2 2025.
• Compensation and benefits reached $42.4 million in Q2 2026, up from $15.7 million.
• Depreciation and amortization fell to $19.4 million from $44.1 million a year earlier.
• Interest income of $35.9 million offset part of the interest bill.
• Realized losses on bitcoin sales were $23.5 million in Q2 2026.
• The operating loss for the quarter was $78.5 million.

Why it matters: Cipher Digital’s Q2 2026 business update shows interest expense running about 2.7 times bitcoin mining revenue. Cipher began delivering Black Pearl data center capacity in August, and its 2025 annual report targets rent commencement for the initial subphase of Black Pearl Phase I by the fourth quarter of 2026. Lease income now has to carry the debt behind the build-out, with mined bitcoin playing a shrinking part.

HPC Lease Terms With AWS, Fluidstack and Google

• Barber Lake is being built on 250 acres near Colorado City, Texas, with a gross capacity of 300 MW: 244 MW for Fluidstack in Phase I and 56 MW in Phase II.
• Google is to backstop up to $1.73 billion of Fluidstack’s lease obligations, and the original 10-year lease carried an NOI margin of about 86%.
• Amazon Web Services signed a 15-year lease in October 2025 for approximately 300 gross MW of turnkey capacity at Black Pearl, on approximately 75 acres near Wink, Texas.
• The Black Pearl lease carries about $5.5 billion of contracted revenue over a 15-year base term.
• The third campus lease has an initial term of 15 years with an investment-grade hyperscale tenant.
• The second-quarter bond offering fully funded Cipher’s Stingray development, its third data center development, through substantial completion.
• Barber Lake data halls are expected to be delivered from the fourth quarter of 2026 through the first quarter of 2027, with the first rent commencement expected in the fourth quarter of 2026.
• Cipher bears the first $359.3 million of costs above the initial Barber Lake budget, and the tenant reimburses 50% of costs above that amount over the twenty-year term.

Source: Cipher Digital annual report (2025), investor decks (February and May 2026), Barber Lake lease announcement (September 2026)

Cipher has not named the third tenant or broken out that lease’s revenue, so the table marks those cells as not disclosed rather than estimating them. Readers comparing landlords can set these terms against the CleanSpark statistics, which follow another miner’s power and growth data.

Contracted Revenue Backlog

• The Q4 2025 presentation showed about $9.3 billion of contracted revenue and about $669 million of average annualized NOI.
• The Q1 2026 presentation raised contracted revenue to about $11.4 billion, with about $787 million of average annualized NOI.
• The Q2 2026 presentation kept contracted revenue at about $11.4 billion, with about $793 million of average annualized NOI.
• Barber Lake started with about $3.8 billion of contracted revenue over a 10-year base lease term.
• Adding the approximately $5.2 billion from the September 2026 Barber Lake commitment to the Q2 2026 figure gives about $16.6 billion. Cipher has not published an updated company-wide total since that extension.

Source: Cipher Digital quarterly investor slides, February to August 2026; 600 MW from the Q4 2025 business update release

Projected Net Operating Income by Year

• The Q2 2026 presentation projects $97 million of contracted NOI in 2026, $686 million in 2027, and $894 million in 2035.
• The Q4 2025 presentation projected $86 million for 2026, $571 million for 2027, and $754 million for 2035 from Barber Lake and Black Pearl.
• The 2035 projection rose by $140 million between the two presentations.
• Both series are company projections from signed leases, not reported results, and the Q2 2026 series predates the September Barber Lake extension.

Data Center Portfolio Capacity in Gigawatts

• The 2025 Form 10-K listed 4.2 GW of capacity across 10 sites, with 600 MW of HPC facilities under development at two sites and a pipeline of approximately 3.4 GW.
• By June 30, 2026, the portfolio held approximately 5.3 GW across 11 sites, with 700 MW of HPC data center facilities in development across three sites.
• The pipeline grew to approximately 4.4 GW across seven sites in Texas and one additional site in Ohio.
• Total portfolio capacity rose by about 1.1 GW between the two filings.

Source: SEC Forms 10-K (fiscal 2025) and 10-Q (June 2026) filed by Cipher Digital

Mining is now the smallest slice of Cipher’s footprint. The industry-wide picture of energy use and miner economics sits in the cryptocurrency mining statistics.

Grid Pipeline Sites by Gross Capacity

• Colchis carries 1,000 MW of gross capacity with 2028 target energization, subject to the ERCOT batch process.
• Reveille has ERCOT interconnection approval for 70 gross MW and targets energization in Q3 2027.
• Ulysses has interconnection approval for 200 gross MW and targets energization in Q4 2027.
• Mikeska and McLennan each carry 500 MW of gross capacity with 2028 target energization, both subject to the ERCOT batch process.
• Cipher’s option on the Apollo site covers up to 900 MW on approximately 288 acres within 25 miles of San Antonio, Texas.
• Planned lateral pipelines could support on-site generation of up to 2.5 GW, with new power targeted before the end of 2027.

By the numbers: Cipher Digital’s Q2 2026 presentation lists Colchis at 1,000 MW, Mikeska and McLennan at 500 MW each, Ulysses at 200 MW and Reveille at 70 MW, all on a gross basis, with Colchis, Mikeska and McLennan subject to the ERCOT batch process. Those five sites total 2,270 MW, about 3.2 times the capacity already under lease.

Odessa Bitcoin Mining Hashrate and Output

• Odessa runs about 11.6 EH/s of total hashrate at about 17.2 J/TH fleet efficiency on 207 MW of capacity.
• Cipher replaced about 10,000 outdated mining rigs with about 10,000 Bitmain S21 XP rigs from Black Pearl, adding about 0.3 EH/s of hashrate in Q1 2026.
• Cipher began mining bitcoin at Odessa in November 2022 and completed the build-out of the approximately 52-acre site in September 2023.
• The PPA gives Cipher flexibility to keep mining at Odessa until it expires in July 2027, while evaluating a potential conversion to HPC.
• Cipher says the fixed-price PPA positions it as one of the lowest-cost BTC producers, and it reports active HPC lease negotiations with multiple potential tenants for Odessa.

Source: Cipher Digital site snapshots, February, May, and August 2026 (the Q4 2025 hashrate row is company-wide)

The filings cited here do not state a per-coin production cost, so the power price is the closest cost marker. Hashprice and margin trends across miners are tracked in the crypto mining profitability statistics.

Bitcoin Holdings on the Balance Sheet

• The company held approximately 646 bitcoin at June 30, 2026, with a fair value of $37.8 million and a cost basis of $45.9 million.
• Holdings stood at approximately 1,433 bitcoin at December 31, 2025, with a fair value of $125.4 million against a cost basis of $154.1 million.
• At December 31, 2024, Cipher held approximately 994 bitcoin with a fair value of $92.7 million and a cost basis of $79.8 million.
• Cipher reported about 1,166 BTC of inventory being strategically managed down as of February 20, 2026.
• Selling bitcoin below cost produced $23.5 million of realized losses in Q2 2026.

Cipher has been selling mined coins rather than building a treasury, a contrast with the corporate holders tracked in the wider Bitcoin statistics.

Debt, Notes and Convertible Financing

• Long-term borrowings carried $6.02 billion of outstanding principal at June 30, 2026, against $5.45 billion of long-term borrowings, net.
• Barber Lake’s financing totals $1.73 billion of notes at 7.125%, after a $1.4 billion first offering and $333 million of additional principal.
• Black Pearl Compute’s offering raised $2.0 billion of senior secured notes at 6.125%.
• Convertible notes due October 2031 at 0.000% total $1.3 billion.
• The Q2 2026 presentation puts net debt at about $1.46 billion.
• A revolving credit facility added up to $200 million of committed capacity in Q1 2026.

Key finding: Cipher Digital’s Q2 2026 filings show long-term debt principal at about 10.7 times total stockholders’ equity. Project-level notes at Cipher Compute, Black Pearl Compute and Stingray Compute account for $4.54 billion of that principal, tying repayment to rent from each campus.

Total Assets, Cash and Equity

• Total assets reached $7.50 billion at June 30, 2026, up from $4.29 billion at December 31, 2025.
• Current restricted cash stood at $3.19 billion, up from $1.76 billion.
• Property and equipment rose to $2.13 billion from $633.4 million.
• Cash and cash equivalents were $831.8 million.

Is Cipher Mining a real company?

Cipher Mining is a real, listed company: its common stock trades on the Nasdaq Stock Market under the CIFR symbol, and it became Cipher Digital Inc. on February 20, 2026. Its 2025 annual report lists 66 full-time employees and a wholly-owned 207 MW bitcoin mining facility in Odessa, Texas.

Does Cipher Mining have a future?

Cipher Digital’s plan rests on 700 MW of contracted gross HPC capacity and about $11.4 billion of contracted revenue in its Q2 2026 presentation, plus a Barber Lake lease now extended to 20 years. Against that, it carries far more debt than equity and still earns its revenue from bitcoin until rent ramps up, so delivery dates at Barber Lake and Stingray matter most.

Peers are making the same move, and the Iris Energy (IREN) statistics show how another miner is funding its AI cloud build-out.

Conclusion

Revenue of $24.8 million for the three months ended June 30 came from bitcoin mining at the Odessa Facility, while interest expense reached $66.7 million. That gap is the cost of building leased data center capacity before rent arrives, and it defines Cipher today: a small bitcoin miner attached to a large, debt-funded landlord.

Barber Lake’s first rent commencement is expected in the fourth quarter, with data halls delivered in phases. Rent from Black Pearl and Barber Lake against the interest bill is the number to watch, and the TeraWulf statistics track a peer making the same turn.