Cipher Digital reported a net profit of $31.6 million in the third quarter, while revenue declined by 63% year-over-year.

Bitcoin mining company Cipher Digital reported a net profit of $31.6 million for the third quarter, with total revenue falling to $26.7 million from $71.7 million in the same period last year. Bitcoin mining revenue was $20.8 million, a 71% year-over-year decrease. Cipher Digital shifted its computing power to leased data centers, with the first phase of its Black Pearl, Texas data center commencing operations in August, generating $5.9 million in revenue. The quarterly operating loss was $71.9 million, higher than the $37.6 million in the same period last year; adjusted EBITDA decreased from a profit of $40.8 million to a loss of $10 million.