Share this article
Cipher Mining Begins Bitcoin Production at 300 MW Black Pearl Data Center
The New York-based miner expects hashrate to hit 23 EH/s by Q3 after starting operations at its Black Pearl site.
Jun 23, 2025, 8:34 p.m. 1 min read
What to know:
- Cipher Mining has started bitcoin production at its 300-megawatt Black Pearl facility in Texas, marking a significant milestone for the company.
- Phase I of the Black Pearl site is operating at 150 MW with an initial hashrate of 2.5 exahashes per second, expected to increase to 9.6 EH/s by the end of the third quarter.
- Cipher Mining aims to maintain low production costs and scale quickly as competition intensifies in post-halving markets.
Cipher Mining (CIFR) has begun bitcoin production at its 300-megawatt (MW) Black Pearl facility in Texas, the company announced on Monday. The launch marks a key milestone for the firm, which now operates five active bitcoin mining data centers.
Phase I of the site, currently running at 150 MW, has reached an initial hashrate of 2.5 exahashes per second (EH/s). That number is expected to rise to 9.6 EH/s by the end of the third quarter, as new mining rigs arrive and replace older units. Once fully operational, Cipher's total fleet will push toward a self-mining capacity of 23.1 EH/s.
The company delivered the site in 16 months and credits its operational discipline for maintaining low production costs amid industry volatility.
“We’re proud to be mining bitcoin ahead of schedule,” CEO Tyler Page said in a statement.
Cipher’s broader infrastructure strategy includes a 2.6 gigawatt (GW) pipeline that may serve both high-performance computing (HPC) clients and bitcoin mining.
As competition tightens in post-halving markets, scaling cheaply and quickly has become critical for public miners like Cipher trying to retain their edge.
CIFR declined 6.9% on Monday during regular trading. Shares are higher by 1.9% after hours.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
What to know:
- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
Top Stories
