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Cipher Mining, a mining company based in New York, has announced the start of Bitcoin production at its new Black Pearl facility in Texas, marking a significant milestone in the company’s growth journey. With a planned capacity of 300 megawatts (MW), the site represents one of the most ambitious initiatives in the U.S. mining sector, confirming Cipher’s intention to consolidate its position in the global market. Black Pearl: Phase I of the Cipher Mining project Phase I of the Black Pearl project is already active and operates at 150 MW, reaching an initial hashrate of 2.5 exahash per second (EH/s). This value, however, is just the beginning: Cipher Mining plans to increase the hashrate up to 9.6 EH/s by the end of the third quarter, thanks to the arrival of new machines and the replacement of less efficient units. Once the expansion phase is completed, the company’s mining fleet should reach a self-mining capacity of 23.1 EH/s. The Black Pearl site was delivered in 16 months, a result that demonstrates Cipher Mining’s ability to meet deadlines and maintain strict operational discipline. This approach has allowed the company to contain production costs, a crucial factor in a sector characterized by high volatility and increasingly fierce competition. The growth strategy of Cipher Mining The opening of the Black Pearl site is part of a broader infrastructure strategy that includes a pipeline of 2.6 gigawatts (GW). This capacity can be allocated to both high-performance computing (HPC) clients and bitcoin mining activities, allowing Cipher Mining to diversify its revenue streams and quickly adapt to market evolutions. After the recent bitcoin halving, the mining sector has entered a phase of even more intense competition. In this context, the ability to scale quickly and keep production costs low has become a top priority for publicly traded…

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Filed under: News - @ June 24, 2025 11:27 am