Cipher to Acquire New Texas Bitcoin Mining Site for $2.5M

Texas-headquartered bitcoin mining firm Cipher Mining (NASDAQ: CIFR) is doubling down on the Lone Star state with another site purchase for $2.5 million.

The company said in a production update for May on Tuesday that it signed a term sheet last month to purchase the site in Cotulla, Texas, and claimed it features at least 70 MW of capacity. But that will not be available until 2026.

Cipher said it expects to close the purchase in early July. The transaction follows its purchase of another 300 MW site in Texas last year dubbed the Black Pearl.

Cipher reported a proprietary mining production of 158 BTC in May and 8 BTC equivalent generated from power sales.

The company increased its nameplate installed hashrate to 8 EH/s as of the end of May, up from 7.7 EH/s in April. It sold 50 BTC in the first full month after the halving, which accounted for 30% of its bitcoin and bitcoin equivalent production.