Cipher to Energzies 2.5 EH/s Bitcoin Hashrate as Texas Buildout Progress Accelerates
Cipher Mining (NASDAQ: CIFR) expects to add 2.5 EH/s of new Bitcoin hashrate by June as construction at its Black Pearl data center in Texas moves ahead of schedule.
In its fourth-quarter earnings report, Cipher said it will begin redeploying idle mining rigs from inventory to the Black Pearl site in May, allowing the company to reach approximately 16 EH/s by the end of Q2. Cipher noted that the early deployment brings forward its growth timeline by a full quarter.
The expansion is part of a broader scaling plan targeting 23.1 EH/s by the end of the third quarter, contingent on new machine deliveries and potential impacts from changes in U.S. tariff policy. Cipher currently operates around 13.5 EH/s.
“We are nearing completion of the Black Pearl Data Center’s Phase I core and shell, and all four substation transformers are now onsite. Given the accelerated progress and expected energization in May, we’ve decided to immediately deploy rigs from inventory at the newly constructed site while we await the arrival of new machines expected later this summer,” said Cipher CEO Tyler Page.
Cipher has been steadily reducing its Bitcoin reserves, selling more BTC than it mines each month since mid-2024 to cover operational and capital expenses. Its Bitcoin holdings declined from over 2,200 BTC in August to fewer than 900 BTC as of April 30.
Separately, the company said it continues to advance development of its Barber Lake data center. It announced a joint venture financing agreement with Fortress Credit Advisors to support both Bitcoin mining and high-performance computing operations. Multiple prospective HPC clients are under NDA and currently conducting due diligence, according to Cipher.
