Via ts2.tech
The former Bitcoin miner is betting big on AI infrastructure, reducing its crypto treasury while chasing an $11 billion revenue backlog from hyperscale tenants.
Cipher Digital, the company formerly known as Cipher Mining, sold approximately 471 BTC as part of its ongoing pivot from cryptocurrency mining to artificial intelligence infrastructure. The sale leaves the company holding just 646 BTC, valued at roughly $37.8 million, down from 1,433 BTC at the end of 2025.
From hash rates to hyperscalers #
Cipher rebranded from Cipher Mining to Cipher Digital on February 20, 2026, formally signaling its shift toward high-performance computing and AI data center operations. The company is developing a total capacity pipeline of 4.2 GW, with over 600 MW in HPC facilities currently under consideration.
The company hasn’t entirely abandoned its crypto roots. It still runs limited Bitcoin mining operations at a 207 MW facility in Odessa, Texas. But its other facilities are being transitioned, repurposed, and rebuilt for AI and HPC workloads.
Cipher has locked in long-term contracts with Amazon Web Services and Google, among other hyperscale tenants. Those deals stretch across 10- to 15-year leases and have generated a contracted revenue backlog exceeding $11 billion.
Why miners keep making this same bet #
Bitcoin mining and AI data centers share a critical resource requirement: cheap, abundant electricity. Miners spent years securing power purchase agreements, building out electrical infrastructure, and locating facilities in regions with favorable energy costs. All of that infrastructure translates remarkably well to powering GPU clusters for AI training and inference workloads.
Cipher has raised significant project-level debt to finance its data center developments and secure these lease agreements.
The company’s BTC holdings tell the story of this transition in miniature. Going from 1,433 BTC to 646 BTC in roughly six months isn’t panic selling. It’s systematic capital reallocation, converting a volatile digital asset into physical infrastructure with contracted cash flows.
What this means for crypto investors #
For investors evaluating Cipher Digital specifically, the $11 billion revenue backlog is the headline number. That kind of contracted future income, backed by counterparties like AWS and Google, fundamentally changes the company’s risk profile. The key risk is execution. Building out 4.2 GW of capacity is an enormous undertaking. Construction delays, permitting challenges, supply chain constraints on transformers and electrical equipment, and the sheer capital intensity of data center development all present hurdles.
Investors should also watch how quickly Cipher’s remaining 646 BTC position shrinks. If the company continues selling at this pace, it could be functionally Bitcoin-free within a few quarters, shifting the stock’s appeal from crypto-adjacent investors to traditional infrastructure and data center investors.
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