Cipher Mining Starts Bitcoin Production at Texas Black Pearl Facility, Eyes 23 EH/s by Q3

Cipher Mining (NASDAQ: CIFR) has launched bitcoin production at its 300-megawatt (MW) Black Pearl data center in Texas, the New York-based miner announced on Monday. The facility marks a significant step for the company, expanding its portfolio to five operational bitcoin mining sites.

Phase I of the Black Pearl site is running at 150 MW, currently delivering an initial hashrate of 2.5 exahashes per second (EH/s). The company expects this figure to surge to 9.6 EH/s by the end of the third quarter as new mining rigs are installed, replacing older hardware. Cipher projects its total self-mining capacity will ultimately reach 23.1 EH/s once all phases are complete.

Construction of the Black Pearl facility took 16 months, and Cipher credits disciplined project execution for keeping production costs low despite a volatile mining environment.

“We’re proud to be mining bitcoin ahead of schedule,” said CEO Tyler Page in a statement.

Cipher’s long-term strategy includes developing a 2.6-gigawatt (GW) pipeline that could support both bitcoin mining operations and high-performance computing (HPC) workloads.

As competition heats up in the post-halving landscape, public miners like Cipher are racing to scale operations efficiently to preserve market share and profitability.

Shares of CIFR dropped 6.9% during regular trading on Monday but recovered slightly, gaining 1.9% in after-hours trading.