Bitcoin miner Cipher posts $31 million profit as AI pivot begins
AI summary
Bitcoin miner Cipher reported a $31 million profit for the third quarter, but the result was driven by a $127 million accounting gain rather than operations. Revenue fell 63% over the period, and the company is beginning a pivot toward AI. Traders watching miner health should note the profit is not a sign of stronger core mining economics, since the underlying business showed an operating loss.
