Cipher Mining continues to expand its presence in Texas by acquiring a new 300 MW data center site in West Texas. The $67.5 million deal includes a variable fee of $3 per megawatt-hour for the first five years.
New Acquisition in West Texas
Cipher Mining expands its capacity with the new acquisition of a site in West Texas. The new facility includes a fully powered substation and is intended for both bitcoin mining and high-performance computing (HPC). The acquisition cost totals $67.5 million, including a variable fee of $3 per megawatt-hour for the first five years.
Black Pearl Project
Recently, Cipher acquired a 300 MW site known as Black Pearl in Winkler County, Texas. The construction of the facility has already incurred costs of $20 million, with full operation expected by 2025. Additionally, the company plans to replace older miners at its Odessa facility with new 7.1 EH/s units intended for Black Pearl.
Strengthening Energy Sector Position
The new site in West Texas includes 250 acres of adjoining land and participation in the ERCOT market. This solidifies Cipher Mining's position in Texas' energy sector. The deal is expected to close in September after comprehensive due diligence.
Cipher Mining's expansion with new sites and enhanced capacities in Texas highlights the company's commitment to optimizing its mining operations and strengthening its position in the industry.
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