Cipher Mining's Expanding Texas Operations

Cipher Mining, a leading player in the bitcoin mining sector located in Texas, is in the process of broadening its operational scope by acquiring a new site in Cotulla, Texas, at a cost of $2.5 million. The latest purchase was announced in the May production update, showcasing Cipher's strategic intent to bolster its capacity in Texas.

Expected to be operational in 2026, the Cotulla site offers a minimum capacity of 70 MW, with Cipher aiming to conclude the purchase by early July. This acquisition follows the successful procurement of the 300 MW Black Pearl site in Texas in the preceding year.

During May, Cipher disclosed a proprietary mining production of 158 BTC and a power sales revenue of 8 BTC equivalent. By the end of May, the company had boosted its installed hashrate to 8 EH/s, an increase from 7.7 EH/s in April. Additionally, Cipher completed the sale of 50 BTC in the first full month post the bitcoin halving, representing 30% of its total bitcoin and bitcoin equivalent production.