Cipher Digital: Ulysses

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Ohio
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Cipher Digital: Ulysses

Year Planned: 2027
Utility Provider: AEP Ohio
Lot Size: 195 acres

In December 2025, Cipher Mining acquired the Ulysses site, a 195 acre land parcel in Ohio, marking its first major expansion outside of Texas. This project is a cornerstone of the company’s strategic pivot toward High Performance Computing (HPC) and AI infrastructure.

By securing the land and all necessary utility agreements with AEP Ohio, Cipher has de-risked the project's timeline, gaining direct access to the PJM Interconnection—the largest wholesale electricity market in the United States. The site is currently in the development phase and is officially on track to energize in the fourth quarter of 2027.

Map and Nearby Locations:

Ohio
Cipher Digital Sites
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10.29 miles Crypto Mining Data Center Request Dataset
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Operating Company

Operated by:

Overview

Cipher Digital (NASDAQ: CIFR), formerly Cipher Mining, is a New York-based developer and operator of large-scale data center campuses in Texas. CEO Tyler Page leads the company. Cipher's footprint spans operational mining facilities (Odessa, Alborz, Bear, Chief) and a deep pipeline of HPC/AI campuses in West Texas including Black Pearl, Barber Lake, Stingray, Reveille, Mikeska, McLennan, Milsing, Ulysses, and the Colchis development.

Strategic pivot to HPC/AI (2026)

On the Q1 2026 earnings call (May 5, 2026), Cipher formally rebranded from Cipher Mining to Cipher Digital, reflecting a strategic shift to hyperscale HPC/AI hosting as the company's forward business. Bitcoin mining at Black Pearl is being wound down to redirect power and land to AI tenants.

Contracted backlog now totals approximately $9.3 billion, anchored by three hyperscale leases:

  • AWS. 15-year lease for 300 MW of HPC capacity.
  • Fluidstack / Google-backed. 10-year lease for 300 MW, with the Barber Lake facility expected to commence operations in September 2026.
  • Third hyperscaler. An additional hyperscale campus lease signed during Q1 2026.

Q1 2026 financials

  • Bitcoin mining revenue: $34.8 million (down from approximately $60 million in Q4 2025) as mining at Black Pearl is wound down.
  • Net loss: $114 million.
  • Funding: Closed a $2 billion high-yield bond for the Black Pearl HPC buildout and a $200 million revolving credit facility.

Capex direction

New capital is flowing fully to HPC/AI buildout. Existing mining capacity is treated as legacy that gets converted to hyperscale colocation as power and infrastructure are redirected to AWS, Fluidstack, and the third hyperscale tenant.

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