Company: CIFRW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001819989-25-000081
Chunk: 217

Company: Cipher Mining Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part II, Item 3
Chunk 217
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 and operate industrial-scale data centers. Our active portfolio and development pipeline is expected to consist of more than 3.0 GW of capacity across 11 sites. We currently operate two wholly-owned bitcoin mining data centers, a 207 MW site located in Odessa, Texas that draws fixed priced power from a power purchase agreement with its electricity provider (the “Odessa Facility”), and a 300 MW data center in Wink, Texas, of which 150 MW is operational as a bitcoin mining data center, that draws power from the power grid (the “Black Pearl Facility”), have equity investments in three partially-owned 40 MW bitcoin mining data centers, and have a pipeline of approximately 2.6 GW of potential capacity across seven sites in Texas. As we develop the sites in our pipeline and source future sites, locations and partnerships, we evaluate their suitability for either bitcoin mining or high-performance computing (“HPC”).

Our current intention is to continue expanding our business by developing and operating industrial-scale data centers for bitcoin mining and HPC, expanding capacity at our current data centers, continuing to execute our treasury management strategy and entering into other strategic arrangements, such as joint ventures, data center hosting and leasing agreements, or software licensing arrangements. We aim to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to HPC companies. 

As of July 31, 2025, the hashrate capacity of the Odessa Facility was approximately 11.3 EH/s and the hashrate capacity of the Black Pearl Facility was approximately 6.9 EH/s. Our joint ventures, in which we have a 49% equity interest, have a combined hashrate capacity of approximately 4.4 EH/s.  

Recent Developments

On May 16, 2025, we amended our Future Sales and Purchase Agreement with Bitmain to reduce the total amount due to Bitmain, accelerate payments thereunder, and provide us with call options to purchase bitcoin. Refer to Note 6 - Deposits on equipment in the notes to our condensed consolidated financial statements included in this Quarterly Report, for further information. By prepaying those obligations that would come due between May and November, we reduced the cost of miners purchased for Phase I of the Black Pearl data center, and offset a portion of expected tariffs.

On May 22, 2025, we issued an aggregate principal amount of $172.5 million of 1.75% Convertible Senior Notes due 2030 (