Mining is shrinking faster than HPC rent is arriving. Bitcoin mining revenue fell 71%. Rent starts only as each data hall is delivered, so early quarters earn a fraction of what full halls will. Construction is running on borrowed money. Borrowings total about $5.6 billion, and interest costs arrive before the halls earn full rent. The expanded Barber Lake lease adds contracted revenue, but it pays only if halls are delivered on schedule. Cipher Digital (CIFR -4.71%) reported third-quarter net income of $31 ...