Cipher Mining (CIFR) has begun bitcoin
production at its 300-megawatt (MW) Black Pearl facility in Texas, the company announced on Monday. The launch marks a key milestone for the firm, which now operates five active bitcoin mining data centers.
Phase I of the site, currently running at 150 MW, has reached an initial hashrate of 2.5 exahashes per second (EH/s). That number is expected to rise to 9.6 EH/s by the end of the third quarter, as new mining rigs arrive and replace older units. Once fully operational, Cipher’s total fleet will push toward a self-mining capacity of 23.1 EH/s.
The company delivered the site in 16 months and credits its operational discipline for maintaining low production costs amid industry volatility.
“We’re proud to be mining bitcoin ahead of schedule,” CEO Tyler Page said in a statement.
Cipher’s broader infrastructure strategy includes a 2.6 gigawatt (GW) pipeline that may serve both high-performance computing (HPC) clients and bitcoin mining.
As competition tightens in post-halving markets, scaling cheaply and quickly has become critical for public miners like Cipher trying to retain their edge.
CIFR declined 6.9% on Monday during regular trading. Shares are higher by 1.9% after hours.