Bitcoin mining company Cipher reported $26.7 million in third-quarter revenue, down 63% year-over-year.

On Nov. 3, CoinDesk reported that filings submitted by Bitcoin mining company Cipher Digital to the U.S. Securities and Exchange Commission (SEC) on Nov. 2 showed that the company’s third-quarter revenue was $26.7 million, down approximately 63% year-over-year from $71.7 million, yet it still recorded a net profit of $31.6 million.

Bitcoin mining revenue decreased 71% year-over-year to $20.8 million, while the AI data center leasing business generated its first revenue of $5.9 million. During the same period, the company recorded an operating loss of $71.9 million, with adjusted EBITDA at negative $10 million.

The company’s accounting profit was primarily driven by the fair value remeasurement of Google-related warrants, which generated approximately $127.2 million in non-cash gains and does not represent actual cash inflows.

Cipher is gradually transitioning its computing infrastructure from Bitcoin mining to AI data center leasing. The company recently extended the lease on the Barber Lake data center to 20 years, bringing the total contracted revenue for the project to approximately $9.1 billion.