Cipher Mining has expanded outdoors of Texas for the primary time with the acquisition of a 200-megawatt energy plant in Ohio referred to as Ulysses, getting into the PJM wholesale energy market, the biggest electrical energy market in the US.
The 195-acre web site has secured energy capability from AEP Ohio, all vital utility contracts are in place and is anticipated to be energized within the fourth quarter of 2027, in keeping with Tuesday's announcement.
Cipher stated the power is appropriate for Bitcoin (BTC) mining in addition to high-performance computing and knowledge middle purposes. Monetary phrases of the deal weren’t disclosed.
The transfer is aimed toward assembly rising demand for knowledge facilities from hyperscalers, main cloud computing corporations reminiscent of Amazon Net Companies and Google Cloud. “Hyperscalers are driving unprecedented demand for large-scale websites,” stated Cipher CEO Tyler Web page, including that the corporate's new web site will give it extra capability to develop its high-performance computing (HPC) internet hosting enterprise.
sauce: crypto mining
The deal follows intensive efforts by publicly traded Bitcoin miners to increase past conventional mining to energy, knowledge middle, and manufacturing infrastructure.
For instance, Hut 8 just lately signed a 15-year lease value roughly $7 billion to supply 245 megawatts of AI knowledge middle capability at its Riverbend, Louisiana campus. Infrastructure supplier Fluidstack would be the tenant, and Google will help lease funds.
Just a few days later, Bitdeer leased roughly 188,000 sq. toes of land at its Sparks, Nevada, distribution facility to increase its U.S. manufacturing footprint, in keeping with The Miner Magazine.
Associated: How Bhutan is constructing a inexperienced Bitcoin economic system from scratch
Bitcoin mining hash worth places strain on miners
The hash worth for Bitcoin mining, a key measure of miner income per unit of computing energy, has been under $40 since mid-November, a stage that many operators contemplate break-even. Margins throughout the sector stay underneath strain, and the recession is forcing mining corporations to reevaluate their working fashions.
Bitcoin hash worth over the previous 3 months. sauce: hash price index
Many miners need to diversify by the demand for AI and HPC, whereas others are turning to renewable power as a option to scale back prices and stabilize profitability.
Sanga Renewables just lately commissioned a 20-megawatt photo voltaic mining facility in Ector County, Texas, and Phoenix Group began a 30-megawatt hydropower venture in Ethiopia in November.
Individually, Canaan partnered with Soluna in September to deliver mining capability to a wind farm in Texas and is growing an adaptive mining rig that makes use of AI to optimize power effectivity.
Regardless of growing strain on the mining economic system, Bitcoin mining shares have soared in 2025, displaying that public markets are more and more centered on miners' long-term strategic positioning, quite than simply short-term Bitcoin manufacturing.
Among the many prime 5 listed miners, IREN Restricted is up about 331% because the starting of the yr, adopted by Utilized Digital (246%), Cipher Mining (250%), Hut 8 (160%), and Riot Platforms (36%), in keeping with Google Finance knowledge.
Iren Restricted year-to-date inventory worth. sauce: Google Finance
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