
Cipher Mining has commenced bitcoin production at its 300-megawatt Black Pearl facility located in Texas. This launch represents a crucial advancement for the company, which is now operational across five bitcoin mining data centers.
Key Highlights:
- The first phase of the Black Pearl site is currently operating at 150 MW, achieving an initial hashrate of 2.5 exahashes per second (EH/s). This is projected to increase to 9.6 EH/s by the end of Q3 as newer mining equipment replaces older models.
- Cipher Mining aims to keep production costs low and scale rapidly amidst heightened competition following recent market fluctuations.
- According to CEO Tyler Page, “We’re proud to be mining bitcoin ahead of schedule.”
Cipher’s broader strategy includes developing a pipeline capable of supporting both high-performance computing (HPC) and bitcoin mining demands, ensuring a competitive edge in a fast-evolving industry.
As competition grows tighter in post-halving markets, maintaining the ability to scale quickly and inexpensively has become vital for public miners such as Cipher. The company’s stock saw a decrease of 6.9% on Monday during regular trading, but rose by 1.9% in after-hours trading.