Last reviewed
2026-06-21
Mining data is a dated snapshot. Hashrate and energy figures are approximate.
BTC MiningNasdaq Global Select MarketCIFR
Cipher Digital Inc.
5.2/10Overall score = 5.0*25% + 6.0*20% + 4.5*15% + 4.0*15% + 5.0*10% + 6.5*15% = 5.2. Weights: hashrate 25%, energy 20%, BTC held 15%, revenue 15%, dilution 10%, management 15%.
Key Metrics
Hashrate
11.6 EH/s
Mid-Tier (10–20 EH/s)
BTC Held
₿1,116
₿0.00000270/share
Market Cap
$11.94B
Nasdaq Global Select Market
Share Price
$29.19
Nasdaq Global Select Market
Revenue TTM
$200.0M
Trailing twelve months
Renewable Energy
62%
Mixed Energy
Grid Energy
38%
Non-renewable mix
Overall Score
5.2/10
Composite rating
Last reviewed
2026-06-21
Manual review date
Score Breakdown
Methodology: Overall score = 5.0*25% + 6.0*20% + 4.5*15% + 4.0*15% + 5.0*10% + 6.5*15% = 5.2. Weights: hashrate 25%, energy 20%, BTC held 15%, revenue 15%, dilution 10%, management 15%.
View full scoring methodology →SCORE FINGERPRINT · 6 FACTORS
The score as a shape.
Each spoke is one of the six sub-factors behind CIFR's 5.2/10, plotted 0–10 and ordered by methodology weight. The filled shape is the company's profile. Two miners can share an overall score and still have opposite shapes — a balanced hexagon is a different bet than a spike on one axis with thin edges everywhere else. CIFR is strongest on management (6.5/10) and thinnest on revenue (4/10).
CIFR profileStrong tier (8–10)Factor ≥ 7Factor < 5
Each axis is a 0–10 sub-score from the Pledge mining methodology; spokes ordered by factor weight (w%). Dashed ring = the 8–10 strong tier. The weighted composite is 5.2/10. Scores are a dated editorial assessment, not investment advice.
Hashrate & Scale
Total Hashrate
11.6 EH/s
Tier
Mid-Tier (10–20 EH/s)
Self-Mined BTC (TTM)
₿1,500
Share Price
$29.19
Shares Outstanding
409,050,000
Energy & Sustainability
62% RenewableMixed Energy38% grid mix
solar 38%
wind 16%
hydro 8%
grid mix 38%
BTC Treasury
Total BTC Held
₿1,116
BTC per Share
₿0.00000270
BTC Holdings Score
4.5/10
Financial Health
Market Cap
$11.94B
Revenue (TTM)
$200.0M
Total Debt
$5.20B
Share Price
$29.19
Shares Outstanding
409,050,000
Revenue Score
4.0/10
LEVERAGE26xdebt ÷ revenue (TTM)
BTC CUSHION0.02xcoin value ÷ debt · illustrative spot
Debt is not an explicit factor in the composite score; these ratios surface the leverage and bitcoin-cushion read directly. BTC cushion uses an illustrative spot, not a live quote.
Dilution & Equity Structure
Total Debt
$5.20B
Dilution Score
5.0/10
Cipher (now Cipher Digital) has shifted to large project-level financing for its hyperscale data-center buildout; total principal debt outstanding was ~$5.2B as of Q1 2026, alongside continued equity issuance. It has halted further bitcoin-mining capex.
Highlights
- +Pivoting from bitcoin mining to AI/HPC, anchored by hyperscale lease agreements (~$11.4B of contracted revenue cited in Q1 2026).
- +62% renewable energy mix — among the higher renewable percentages in the peer set — with significant solar installations in Texas.
- +Its Odessa facility runs ~11.6 EH/s at ~17.2 J/TH efficiency, but mining is now a shrinking part of the business.
- +Strong liquidity, with ~$715M of unrestricted cash supporting the data-center buildout.
- +Texas infrastructure provides access to competitive power costs and a favorable regulatory environment.
Considerations
- !Bitcoin mining is being deliberately wound down (further mining capex halted; mining expected to be immaterial by 2030), so this is increasingly a data-center, not a mining, story.
- !Holds ~1,116 BTC (~$76M) on the balance sheet, a small treasury that has been declining.
- !Total principal debt rose to ~$5.2B to fund the hyperscale buildout, sharply increasing leverage and execution risk.
- !Q1 2026 mining revenue was only ~$35M, with results dominated by build-out spending and a net loss.
- !The strategy now concentrates on a few large data-center tenants, introducing counterparty and execution risk.
Best For
Investors who want exposure to a Texas AI/HPC data-center pivot built on a former mining base, and who accept high leverage, a shrinking BTC treasury, and a deliberate exit from bitcoin mining.
Evidence
Why trust this view
Verification
Sources
4 cited
Each data point is traced back to a named source listed below.
How we score
Mining methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedSEC Filing
Cipher Digital Q1 2026 Form 10-Q
Quarterly report (former Cipher Mining, renamed Cipher Digital Inc. in Feb 2026) discloses ~11.6 EH/s Odessa hashrate, ~1,116 BTC ($76M) held, ~$715M cash, ~$5.2B total debt, and the data-center pivot as of March 31, 2026.
https://www.sec.gov/Archives/edgar/data/0001819989/000181998926000028/cifr-20260331.htm ↗verifiedSEC Filing
Cipher Mining Q1 2026 results (8-K)
Official Q1 2026 release discloses ~$11.4B contracted data-center revenue, the HPC shift, ~$35M mining revenue, and the wind-down of bitcoin mining capex.
https://www.sec.gov/Archives/edgar/data/0001819989/000095010326001659/dp241116_ex9901.htm ↗partialMarket Data
StockAnalysis CIFR statistics
Market data snapshot for share price, shares outstanding, market capitalization, and valuation metrics; treated as partial due to potential delay.
https://stockanalysis.com/stocks/cifr/statistics/ ↗partialResearch
CoinGecko CIFR BTC treasury
Research treasury profile tracks CIFR BTC holdings, BTC per share, estimated market value, and company details.
https://www.coingecko.com/en/treasuries/cipher-mining ↗Notes
RENAMED: Cipher Mining Inc. changed its name to Cipher Digital Inc. in February 2026 (ticker still CIFR). The company is winding down bitcoin mining (~11.6 EH/s Odessa) in favor of contracted hyperscale data centers. totalBtcHeld (~1,116) derives from the reported ~$76M digital-asset value at March 31, 2026; some trackers cite ~1,500 BTC on different snapshot dates. selfMinedBtcTtm is an approximation. Market data (share price ~$29.19, ~409.05M shares, ~$11.94B cap as of June 19, 2026) from June 2026 snapshots and delayed/estimated. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-06-21. Past performance does not guarantee future results.
Affiliate disclosure. Pledge currently does not earn affiliate or referral fees from any product listed on this page. If that changes, monetized links will carry a clear ↗ AFFILIATE marker.
Mining metrics. Hashrate, energy mix, and BTC treasury figures are based on reported data and may not reflect current holdings or operational status.
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Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
Affiliate disclosure. Pledge currently has no affiliate links, referral fees, or sponsored placements. If a paid relationship is ever added, it will be disclosed inline where it appears — and it will not affect rankings or scores.