In 2024, Cipher Mining completed the acquisition of the Reveille data center site in Cotulla, Texas, for $2.5 million.
Cipher Digital
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.
Cipher Digital Data Center Map
Cipher Mining intends to establish cryptocurrency mining operations on a 187-acre property outside Houston, Texas.
In December 2025, Cipher Mining acquired the Ulysses site, a 195 acre land parcel in Ohio, marking its first major expansion outside of Texas.
Cipher is forming a joint entity to develop Colchis, a 1GW site in West Texas. Cipher will provide the majority of the financing, giving them about 95% equity ownership under expected lease and development terms.
Cipher Mining's Black Pearl Bitcoin mining site in Winkler County, West Texas, began operations in 2025.
Cipher Mining intends to establish cryptocurrency mining operations on a 100-acre property in Mikeska, Texas.
Cipher Mining intends to establish cryptocurrency mining operations on a 293-acre property outside Waco, Texas.
Cypher Mining expanded its operations in November 2024 with the acquisition of the Stingray site in West Texas.
Cipher mining's Odessa data center (the Odessa Facility), which is its wholly owned 207 megawatts (MW) facility is located in Odessa, Texas.
In 2024, Cipher Mining completed the purchase of the Barber Lake site in West Texas. The deal includes a $67.5 million cash payment and a $3/MWh fee for the first five years after site activation.
Cipher Digital Data Center Photos (See all)
Cipher Mining's Black Pearl Site in Texas
Source: Cipher Mining
