The company’s financial headwinds were compounded by a notable contraction in core operations, as revenue from bitcoin mining dropped to $24.8 million from $43.6 million a year ago. This performance marks a stark downturn from the previous year’s second quarter, when Cipher reported a loss of $45.8 million, or 12 cents a share.

Despite the fiscal shortfall, the developer is pushing forward with infrastructure expansion. Cipher accelerated delivery timelines at its Black Pearl data center campus following a lease amendment with a hyperscale tenant, allowing rent collection to begin two months ahead of schedule in August. Furthermore, the company secured an option on a 900-megawatt site near San Antonio, Texas, and finalized project-level financing to ensure the completion of its Stingray data center.