Cipher Mining begins operations at Black Pearl bitcoin facility

NEW YORK - Cipher Mining Inc. (NASDAQ:CIFR), a $1.3 billion market cap bitcoin mining company with $152 million in trailing revenue, has energized its Black Pearl bitcoin mining facility and commenced operations at the site, the company announced Monday. According to InvestingPro analysis, the company shows promising growth potential, with analysts forecasting both sales and net income growth this year.

The facility is currently generating approximately 2.5 EH/s (exahashes per second) of hashrate, which is expected to increase to about 9.6 EH/s as new mining rigs are delivered and installed through the third quarter of 2025. These new units will gradually replace legacy equipment at the 150 MW Phase I of the site.

Upon completion of the installation, Cipher’s total self-mining hashrate across all its facilities is projected to reach approximately 23.1 EH/s, up from the current 16 EH/s.

"We’re proud to be mining bitcoin ahead of schedule at Black Pearl, following the safe and efficient delivery of a best-in-class data center in just 16 months," said Tyler Page, CEO of Cipher Mining.

The Black Pearl site represents Cipher’s fifth operational data center dedicated to bitcoin mining. The company stated it has a development pipeline of 2.6 GW that could be utilized for high-performance computing hosting or bitcoin mining applications.

Cipher Mining describes itself as focused on developing and operating industrial-scale data centers for bitcoin mining and high-performance computing hosting.

This information is based on a company press release statement. The 300 MW Black Pearl site was fully developed in approximately 16 months, according to the announcement.

In other recent news, Cipher Mining Inc. reported robust developments in its operations and strategic partnerships. Cipher Mining’s unaudited production update for May 2025 revealed significant growth, with the company mining approximately 1,179 bitcoins and increasing its operating hashrate to 13.5 exahashes per second. The firm is on track to further enhance its hashrate capacity to 23.1 EH/s by July with the deployment of new mining rigs. Additionally, Cipher Mining announced plans to offer $150 million in convertible senior notes due in 2030, with proceeds earmarked for the Black Pearl data center project.

Cantor Fitzgerald recently raised its price target for Cipher Mining to $6, maintaining an Overweight rating, citing the company’s competitive power costs and potential tenant agreements for its Barber Lake site. H.C. Wainwright also reaffirmed a Buy rating with a $6.75 price target, following Cipher Mining’s strong first-quarter results and strategic joint venture with Fortress for HPC/AI data centers. This venture is expected to secure Cipher a significant share of future HPC economics.

At its 2025 Annual Meeting of Stockholders, Cipher Mining saw the election of two directors and ratified the appointment of its independent accounting firm. The company also approved executive compensation measures and set the frequency of future advisory votes. These developments underscore Cipher Mining’s continued focus on growth and operational efficiency in the competitive field of bitcoin mining.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.