Cipher Mining Launches Bitcoin Operations at its New 300 MW Facility
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Cipher Mining Launches Bitcoin Operations at its New 300 MW Facility

Cipher Mining begins bitcoin production at its Black Pearl facility, aiming for significant hashrate growth by Q3.

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.

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