Texas Facility Begins Operations, Targets 23 EH/s Hashrate
Cipher Mining (CIFR) has officially commenced bitcoin production at its flagship Black Pearl data center in Texas. The facility, boasting 300 megawatts (MW) of capacity, marks a major milestone in the company’s expansion strategy.
Phase I of the site is now active, running at 150 MW with an initial hashrate of 2.5 exahashes per second (EH/s). The firm expects to scale this figure to 9.6 EH/s by Q3, as newer-generation mining rigs are installed and older hardware is phased out.
Once fully operational, Cipher’s total self-mining capacity is projected to reach 23.1 EH/s, making it a major player in North America’s mining landscape.
Rapid Execution and Low-Cost Mining Strategy
The company delivered the site in just 16 months, a relatively fast buildout for such a large-scale operation. Cipher attributes this success to disciplined project management and cost control — key differentiators in a competitive post-halving environment.
“We’re proud to be mining bitcoin ahead of schedule,” said CEO Tyler Page, emphasizing the team’s ability to execute under pressure.
With bitcoin’s block rewards now halved, operational efficiency and low-cost scalability are more crucial than ever. Cipher’s ability to bring high-capacity sites online quickly may give it a competitive edge over slower-moving peers.
Future Expansion: 2.6 GW Pipeline Underway
Beyond the Black Pearl facility, Cipher is working on a massive 2.6 gigawatt (GW) infrastructure pipeline, which could serve both high-performance computing (HPC) workloads and additional mining capacity.
This dual-use strategy opens the door for diversified revenue streams, potentially reducing reliance on volatile crypto markets alone.
Market Reaction: CIFR Stock Mixed
Despite the operational success, CIFR shares fell 6.9% during Monday’s trading session, possibly due to broader market conditions. However, the stock rebounded by 1.9% in after-hours trading, reflecting cautious investor optimism.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.