Cipher Mining Jumps 7% on Texas Data Center Completion
The bitcoin miner's shares surged in after-hours trading after announcing Phase 1 of its Black Pearl mega-facility is now fully operational.
Shares of Cipher Mining (CIFR) climbed over 7% in after-hours trading Wednesday following a key operational announcement. The $6.2 billion Bitcoin mining company confirmed it has successfully completed the first phase of its Black Pearl mega mining data center, a significant milestone in its expansion strategy that was met with immediate positive investor sentiment.
The newly completed facility, located in Wink, Texas, represents a major step forward for the firm's operational capacity. , providing approximately 10.1 EH/s of self-mining hashrate powered by an initial 150 MW of capacity. The company has plans to expand the site's total capacity to 300 MW with the completion of a second phase.
This operational achievement comes amid a series of strategic moves by Cipher Mining to diversify its revenue streams beyond traditional cryptocurrency mining. The company recently entered into a significant hyperscale deal with Fluidstack, a High-Performance Computing (HPC) client backed by Google. This partnership signals a pivot into the lucrative AI infrastructure hosting market, with the . The buildout of facilities like Black Pearl is critical to supporting these large-scale HPC and AI contracts.
Cipher's market momentum is further supported by strong operational performance and robust investor confidence. The company recently and successfully completed an upsized private offering of $1.1 billion in convertible senior notes, indicating strong institutional demand. By bringing major projects like Black Pearl online, Cipher Mining is positioning itself to capitalize on opportunities in both the digital asset and high-performance computing sectors, underpinning its recent stock gains.