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Cipher Mining Inc. (NASDAQ:CIFR) CEO Tyler Page shed light Monday on the substantial benefits the company has reaped from its big-ticket deals with Amazon.com Inc. (NASDAQ:AMZN) and Fluidstack.
During the company’s third-quarter earnings call, Page was asked about the effect these partnerships have had on the company’s image and credibility.
He pointed out that these collaborations have dispelled previous doubts regarding a former Bitcoin (CRYPTO: BTC) miner’s capacity to “attract” traditional hyperscalers.
“I cannot tell you how many times we heard, ‘No one's ever going to sign at those sites. No one's ever going to sign with a former Bitcoin miner.’ That discussion is now over,” the CEO said.
He added that a “traditional bias” exists against Bitcoin, but that seems to be changing.
“I think every deal adds credibility with everyone. Deals beget deals,” Page emphasized, adding that the company is achieving the exact results it aimed for.
Cipher Mining’s recent partnerships have been instrumental in its pivot from a Bitcoin miner to an AI-infrastructure provider, including the $5.5 billion data center deal with Amazon Web Services and a $3 billion, 10-year colocation deal with Fluidstack, including support and partial backing from Google (NASDAQ: GOOGL).
But it's not an isolated case. Across the industry, Bitcoin miners are increasingly converting their facilities into data centers to support high-performance computing and AI-driven services.
Riot Platforms Inc. (NASDAQ:RIOT) CEO said last week that the firm sees BTC mining as a "means to an end," supporting its larger goal of data center development.
Analysts estimate 20% of Bitcoin miner power capacity will shift to AI and high-performance computing by the end of 2027.
Cipher reported third-quarter revenue of $71.71 million, missing analyst estimates of $78.6 million. However, its adjusted earnings came in at 10 cents per share, beating estimates of a loss of 2 cents per share.
Price Action: Cipher Mining shares dropped 4.22% in after-hours trading after closing 22.04% higher at $22.76 during Monday’s regular trading session, according to data from Benzinga Pro.
CIFR exhibited a very high momentum score as of this writing. How does it compare with similar cryptocurrency-relted stocks? Visit Benzinga Edge Stock Rankings to find out.
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