Company: CIFRW
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001819989-25-000005
Chunk: 125

Company: Cipher Mining Inc.
Filing Date: 2025-02-25
Form: 10-K
Item: Item 1
Chunk 125
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 was expanded from 10 MW to 40 MW in 2024. It is capable of hashing at a rate of up to approximately 1.6 EH/s. We aim to maximize the time our miners are mining bitcoin at favorable prices and, in contrast, to avoid consuming electrical power when the cost of that power is significantly higher than our anticipated bitcoin mining revenues.

The Chief Facility has the capacity to expand up to 115 MW, subject to applicable regulatory approvals.

Black Pearl Facility

Our Black Pearl data center (“Black Pearl” or the “Black Pearl Facility”) is located in Winkler County, Texas. The Black Pearl Facility has conditional interconnection approval from Electricity Reliability Council of Texas (“ERCOT”), the organization that operates Texas’ electrical grid, of up to 300 MW. We expect to energize the 300 MW substation in the second quarter of 2025. We intend to conduct bitcoin mining in the first phase of the Black Pearl Facility of up to 150 MW. The remaining 150 MW of the site is suitable for either HPC hosting or bitcoin mining. 

Barber Lake Site

Our Barber Lake site (“Barber Lake” or the “Barber Lake Site”) is located near Colorado City, Texas. The Barber Lake Site has ERCOT interconnection approval of up to 300 MW and includes an energized substation. The site is suitable for developing a data center for either HPC or bitcoin mining.

2

Stingray Site

Our Stingray site (“Stingray” or the “Stingray Site”) is located in West Texas. The Stingray Site has conditional ERCOT interconnection approval of up to 100 MW. We expect to energize the site in the first half of 2026.

Reveille Site

Our Reveille site (“Reveille” or the “Reveille Site”) is located in Cotulla, Texas. The Reveille Site has  interconnection of up to 70 MW, with the possibility for expansion before we energize. We expect to energize the site in the first half of 2027.

Site Options

In October 2024, we acquired the right to purchase three sites in West and North Texas, each with a targeted capacity of up to 500 MW. We will be able to exercise the option in the next 24 months to acquire the sites, including 580 acres of land to be either leased or purchased. Each site has the potential for developing data centers for either HPC or bitcoin mining.