Business
Cipher Mining Announces Acquisition of New 300 MW Data Center Site in West Texas
The immediately available 250-acre site includes a newly constructed high-to-mid voltage substation, approvals for 300 MW, and agreements necessary to
About this update from Cipher Digital Inc.
[{"type":"text","content":"The immediately available 250-acre site includes a newly constructed high-to-mid voltage substation, approvals for 300 MW, and agreements necessary to participate in the ERCOT market New site is equally well-suited for HPC infrastructure and bitcoin mining Company’s aggregate data center portfolio now exceeds 2.5 GW NEW YORK, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced it has entered into a term sheet to acquire a new site in West Texas for a cash payment of $67.5 million and a variable fee of $3/MWh for the initial five years after the energization of the site. The site features 300 MW of front-of-the-meter capacity, a newly constructed, fully energized, high-to-mid voltage substation, and all necessary regulatory approvals and contracts. As part of the transaction, Cipher will also acquire the 250 acres of land surrounding the substation and agreements necessary to participate in the ERCOT market. The Company is completing due diligence on the site and expects to close the transaction in September. “We are thrilled to add another high-quality site to our growing portfolio. Large-scale data center opportunities that are immediately available and have an existing high-quality substation are particularly rare and desirable in today’s market. Cipher’s unique abilities to build both HPC infrastructure and best-in-class bitcoin mining operations give us multiple options to maximize the value of this site. With this acquisition and other recently announced purchases, Cipher’s portfolio will grow to more than 2.5 GW across 10 sites, and we are on a path to become one of the largest builders and operators of large-scale data centers in the world,” said Tyler Page, Cipher’s CEO. About Cipher Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers. Cipher is dedicated to expanding and strengthening the Bitcoin network's critical infrastructure. Together with its diversely talented team and strategic partnerships, Cipher aims to be a market leader in bitcoin mining growth and innovation. To learn more about Cipher, please visit https://www.ciphermining.com/. Forward Looking Statements This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States...