Cipher Mining Inc. is one of the largest and most advanced Bitcoin miners in North America, focused on the development of connected, industrial-scale data centers. They’ve cleared up everything around their Black Pearl location and launched hashing operations. According to the company, this milestone is a huge step in the company’s growth. This further strengthens its status as a global key player in the ever-growing bitcoin mining industry. The Black Pearl site has an installed capacity of 300 MW. Upon completion, it’s expected to significantly increase Cipher Mining’s hashrate, which is expected to reach over 23.1 EH/s in the third quarter of 2025.

Cipher Mining Inc. was recently listed on NASDAQ under the ticker symbol CIFR. The firm runs five wholly-owned data centers that are 100% focused on bitcoin mining. As for the stock, the company still has a 2.6 GW project pipeline. This enormous capacity will inevitably drive the future of high-performance computing (HPC) hosting and bitcoin mining applications.

The Black Pearl site marks a significant expansion of Cipher Mining’s operational capacity. Phase I of the project has a capacity of 150 MW, allowing large scale hashing operations to get started right away. Today, the site’s hashrate is about 2.5 EH/s.

Riot anticipates the Black Pearl site’s hashrate to increase further throughout Q3 2025. All of this growth will occur as new mining rigs physically arrive and get set up. This expansion is consistent with Cipher Mining’s strategic goals to expand its mining footprint and overall operational efficiency and effectiveness.

"As we continue to expand our mining footprint, the disciplined operations that underpin our positioning as one of the industry’s lowest-cost producers of bitcoin will remain a key advantage." - Tyler Page, CEO.

Tyler Page, the CEO of Cipher Mining Inc. also called attention to their deep dedication to remaining competitive. They achieve this goal through disciplined operations and cost effective bitcoin production. The Black Pearl site is the culmination of this commitment, a world-class facility conceived and built to achieve peak performance.

As a point of reference, Cipher Mining’s current hashrate is just over 16 EH/s. The company continues to exponentially grow its hashrate by integrating the Black Pearl site. With the anticipated ramp of new mining rigs, they believe they can get to around 23.1 EH/s by Q3 of 2025. Further, this increase will entrench Cipher Mining as a leading player in the highly concentrated bitcoin mining industry. It will increase the company’s revenue-generating power and make the Bitcoin network more secure and stable.

The company is intentionally lopsided though, favoring just two states with its mining infrastructure. It supports this effort with a rich pipeline of 2.6 GW of generating capacity. With this pipeline, Cipher Mining has the ability to rapidly scale as market conditions evolve. It puts them in a position to take advantage of growing opportunities in HPC hosting and bitcoin mining.

Cipher Mining’s newly refresh leadership team is deeply committed to establishing a clear path toward sustainable growth and long-term shareholder value. The Black Pearl open source educational site has gone live! This accomplishment is a testament to our last four years and the company’s capabilities to deliver complex, challenging projects with speed and precision.

Investor relations inquiries may be directed to Courtney Knight, Head of Investor Relations, Cipher Mining Inc., at Courtney.knight@ciphermining.com. For all press inquiries, please contact Ryan Dicovitsky / Kendal Till, Dukas Linden Public Relations.