CEO Claims Amazon and Google Partnerships Enhanced Cipher Mining's Credibility, Acknowledges 'Bias' from Bitcoin Mining History
CEO Insights on Partnerships: Cipher Mining's CEO, Tyler Page, highlighted the positive impact of partnerships with Amazon and Fluidstack, which have improved the company's credibility and dispelled doubts about its ability to attract traditional hyperscalers.
Shift from Bitcoin Mining to AI Infrastructure: The company is transitioning from Bitcoin mining to becoming an AI-infrastructure provider, exemplified by significant deals, including a $5.5 billion agreement with Amazon Web Services and a $3 billion deal with Fluidstack.
Industry-Wide Trend: The shift from Bitcoin mining to data centers for AI and high-performance computing is becoming common in the industry, with estimates suggesting that 20% of Bitcoin miner power capacity will transition to these services by 2027.
Financial Performance: Cipher Mining reported third-quarter revenue of $71.71 million, falling short of analyst expectations, but its adjusted earnings surpassed estimates, leading to a mixed market reaction with a drop in share price after hours.
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