Cipher Digital (NASDAQ:CIFR) reported third-quarter net income of $31.6 million, but a $127.2 million non-cash warrant gain produced it. Shares slipped about 0.3% in pre-market trading. The operating business moved the other way: revenue fell 63% and adjusted EBITDA turned negative. The first HPC rent has arrived, but it covers little of the revenue lost from bitcoin mining. Key Numbers What It Means
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