BlockBeats News, May 5th. Bitcoin mining firm Cipher Digital disclosed a net loss of $114 million for the first quarter of 2026, further widening from last year's loss of $39 million during the same period.

The financial report indicates that the company's quarterly Bitcoin mining revenue decreased to $35 million, a year-on-year decline (down from $49 million in the same period last year), while its Bitcoin holdings also dropped from $125 million to $76 million.

Despite the performance pressure, CEO Tyler Page emphasized that the company is accelerating its transformation towards AI and high-performance computing infrastructure. The company has already signed a lease agreement for the third AI data center campus in the first quarter, with the client being an investment-grade hyperscale cloud provider.

Currently, Cipher Digital is shifting from a single mining model to leasing power and computing infrastructure to AI and cloud computing enterprises, and is advancing the construction of two major data center projects, Barber Lake and Black Pearl. In addition, the company recently secured a maximum $200 million revolving credit facility to support its transformation and expansion.