Bitcoin Miner Cipher Reports $31M Profit Amid Revenue Drop

• Cipher reported a $31 million net income in Q3, aided by a $127 million non-cash warrant gain.
• The company's revenue fell 63% in Q3, and adjusted EBITDA turned negative.
• The operating business saw a significant revenue loss from bitcoin mining, partially offset by the first HPC rent payment.
• Shares of Cipher slipped about 0.3% in pre-market trading following the earnings report.
• The company's pivot towards AI has begun, but the impact on future revenue remains to be seen.