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Cipher Digital buys electricity to run bitcoin-mining machines in Texas. It contributes their computing power to mining pools that confirm Bitcoin transactions and receives a share of the bitcoin rewards and transaction fees. Its mining business depends on bitcoin’s price relative to power and equipment costs, while periodic reductions in block rewards reduce what miners can earn. Odessa is its remaining operating mining site, with power supplied by Luminant under a fixed-price agreement.
The company is developing Barber Lake for Fluidstack and converting Black Pearl for Amazon, which will pay rent for data-center capacity used for high-performance computing. These leases account for a significant share of expected future revenue, making the business dependent on these tenants. Google backs certain Fluidstack obligations, but that support has conditions and limits. Bitcoin mining at Black Pearl stopped in early 2026; the site earns no revenue until its tenant lease begins.
Rental income depends on completing the facilities and securing reliable power. Significant construction delays can give tenants termination rights. Texas rules require approvals for large electricity users to connect to the grid and impose registration requirements on large bitcoin-mining facilities.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Cipher Digital’s transition hinges on delivering its contracted campuses for Amazon and privately held Fluidstack, while bitcoin prices and power costs still drive its remaining mining business.
TeraWulf competes with Cipher Digital to build large computing campuses that hyperscale customers rent under long-term contracts. Its Lake Mariner deliveries offer a comparison for Cipher’s own move from signed leases to operating data centers.
Applied Digital competes with Cipher Digital for power-connected sites and hyperscale customers that pay to lease high-density computing facilities. Watch its progress securing power and grid connections: Applied Digital calls these the main constraint on adding new high-performance computing capacity.
Core Scientific competes with Cipher Digital to house customers’ power-intensive computing equipment while both still operate bitcoin-mining infrastructure. Its work repurposing mining facilities for AI workloads offers a comparison for Cipher’s transition, particularly the electrical and cooling systems needed to serve those tenants.
Hut 8 competes with Cipher Digital by securing power before developing sites for high-performance computing tenants. Its development of powered land, grid connections and substations shows how it is assembling the infrastructure needed to win those customers.
IREN competes with Cipher Digital in power-connected, high-density AI data centers, but also sells customers the computing and software rather than just leasing capacity. Its operating AI cloud capacity is the useful comparison with its much larger power-development plans.
Amazon is a direct source of Cipher Digital’s expected future rental revenue, leasing approximately 300 MW of ready-to-use Black Pearl data-center capacity for 15 years. Watch delivery of that campus, which Cipher expected to begin in phases in 2026, rather than Amazon’s retail sales.
Ionic Digital Inc. competes with Cipher Digital in converting Texas bitcoin-mining sites into infrastructure rented by high-performance computing customers. Its Ward County lease to Nscale, with monthly fixed payments scheduled to begin in August 2026, offers a concrete comparison for replacing mining income with rent.
Keel Infrastructure Corp. is pursuing the same shift as Cipher Digital: moving from bitcoin mining to renting power-backed computing campuses to hyperscale customers. Keel had no high-performance computing infrastructure revenue as of December 31, 2025 and expects initial data-center revenue in 2027, making its first rental income the milestone to watch.
Riot Platforms and Cipher Digital share exposure to bitcoin prices and electricity access through their power-intensive Texas mining operations. Riot’s mining production and access to low-cost power provide a comparison for Cipher’s remaining mining business, not its future lease income.
Digital Realty competes with Cipher Digital for customers that pay to rent powered data-center capacity instead of building their own facilities. Its larger, multi-megawatt leases are the closer comparison to Cipher’s campus business than its single-cabinet offerings.
MARA Holdings and Cipher Digital both earn bitcoin from mining while developing high-performance computing capabilities, leaving their mining businesses exposed to bitcoin prices, rewards and power costs. MARA’s AI and computing development is a separate watchpoint from its bitcoin production; mining remains the foundation of its business.
CleanSpark shares Cipher Digital’s remaining mining exposure: bitcoin prices determine production value, while competing computing power and electricity efficiency affect margins. Watch the power efficiency of CleanSpark’s mining fleet and its share of network computing power, which help explain how much bitcoin miners can earn for their electricity spending.
HIVE Digital Technologies Ltd. and Cipher Digital both supply computing power to mining pools for bitcoin payments and are adapting powered data centers for high-performance computing customers. HIVE’s upgrades of mining facilities for AI customers provide a comparison for the cooling and reliability changes involved in that transition.
Bitdeer shares Cipher Digital’s exposure to earning bitcoin from its own mining equipment while expanding into AI infrastructure. Its self-mining revenue is the cleanest comparison with Cipher’s remaining mining business; Bitdeer also sells mining rigs, hosting and cloud services.
Galaxy Digital’s Data Centers business competes with Cipher Digital to develop facilities for large high-performance computing tenants. Watch that segment’s development toward operations, rather than Galaxy’s trading fees or investment gains, to assess this overlap.
CoreWeave’s AI cloud sales reflect demand for the kind of high-density data centers Cipher Digital is developing, without making CoreWeave a stated Cipher tenant. Its contracted business with enterprises, AI labs and technology companies is the relevant demand signal for Cipher’s computing-campus market.
WhiteFiber, Inc. competes with Cipher Digital in providing hosting infrastructure for power-dense AI computing. WhiteFiber also charges AI and machine-learning customers for GPU cloud services, so its hosting business is the closer comparison with Cipher’s capacity leases.
Cipher Digital relies on Quanta Services for engineering, construction and equipment procurement at Black Pearl and Barber Lake. Quanta is paid to deliver infrastructure work; progress on those two developments is the news most directly relevant to Cipher’s delivery commitments to Amazon and Fluidstack.
Equinix competes with Cipher Digital for contracted data-center space and power, but serves a broader customer mix through connections among customers, suppliers and partners. Its monthly recurring space-and-power revenue is the useful comparison with Cipher’s rental model, while its interconnection ecosystem distinguishes the businesses.
Galaxy Digital Inc. earningsGLXY
Galaxy Digital’s report will show how its data-center development is progressing toward operations, and how soon that capacity could compete with Cipher Digital for large HPC tenants.
Look at how far Galaxy Digital’s Data Centers projects have advanced toward operation, not its trading fees or investment gains. Progress toward opening would show another developer moving closer to serving large tenants; delays would suggest that competing capacity may arrive later, but would not prove Cipher Digital’s own projects are on schedule. The takeaway is how quickly competing supply is advancing, not whether Cipher Digital will deliver on time.
Amazon.Com Inc earningsAMZN
Amazon’s report offers a read on its demand for data-center and computing capacity, the customer backdrop for its long-term lease with Cipher Digital.
Read Amazon’s reported cloud-computing demand alongside its investment in data-center capacity. Strong demand and continued investment would show that the customer leasing approximately 300 MW at Black Pearl still needs computing facilities; weaker demand or slower investment would make the market signal less reassuring, but would not establish that Amazon will cancel its lease or that Cipher Digital has a delivery problem. The takeaway is the customer’s demand backdrop, not confirmation of lease performance.
Quanta Services, Inc. earningsPWR
Quanta Services’ report offers a read on large-project execution, relevant to Cipher Digital’s reliance on contractors to build Black Pearl and Barber Lake.
Look at Quanta Services’ construction work and execution on large projects. Strong execution would suggest contractors can deliver complex builds, supporting Cipher Digital’s ability to meet commitments at its two data centers; strain or delays would point to possible construction bottlenecks. Quanta’s companywide results cannot confirm progress at Cipher Digital’s specific sites, so the conclusion is about the contractor environment, not project status.
Cipher Digital Inc. earningsThis company
Cipher Digital’s report will show whether it is turning signed HPC leases into operating capacity and rent while reducing its reliance on bitcoin mining.
Read construction and rent progress at both sites alongside mining revenue and cash use. Delivering Amazon’s leased capacity at Black Pearl and Fluidstack’s at Barber Lake, with rent beginning, would show signed leases turning into income. If delivery slips and rent has not started while mining still supports the business, the transition has yet to take hold. The test is whether lease income starts replacing mining, not just how much capacity is signed.
