Cipher Mining has acquired a 200-megawatt energy web site in Ohio referred to as “Ulysses,” marking its first growth exterior of Texas and entry into the PJM wholesale electrical energy market, the biggest energy market in america.
In keeping with Tuesday’s announcement, the 195-acre web site has secured energy capability from AEP Ohio, with all required utility agreements in place, and is anticipated to be energized within the fourth quarter of 2027.
Cipher mentioned the power is appropriate for high-performance computing and information middle use along with Bitcoin (BTC) mining. Monetary phrases of the transaction weren’t disclosed.
The transfer goals to satisfy rising demand from hyperscalers, massive cloud computing corporations comparable to Amazon Internet Companies and Google Cloud, for information facilities. “Hyperscalers are driving unprecedented demand for large-scale websites,” mentioned Cipher CEO Tyler Web page, including that the corporate’s new web site will give it further capability to develop its high-performance computing (HPC) internet hosting enterprise.
The deal follows a broader push by publicly listed Bitcoin miners into energy, information middle and manufacturing infrastructure past conventional mining.
Hut 8, as an illustration, lately signed a 15-year lease value about $7 billion to produce 245 megawatts of AI information middle capability at its River Bend campus in Louisiana, with infrastructure supplier Fluidstack because the tenant and Google backing lease funds.
A couple of days later, Bitdeer leased about 188,000 sq. toes at a logistics facility in Sparks, Nevada, to develop its US manufacturing footprint, based on The Miner Magazine.
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Bitcoin mining hashprice places stress on miners
The Bitcoin mining hash worth, a key measure of miner income per unit of computing energy, has been beneath $40 since mid-November, a stage many operators view as breakeven. The hunch has pressured mining corporations to reassess their working fashions as margins throughout the sector stay below stress.
Whereas many miners have sought diversification by way of AI and HPC demand, some are additionally turning to renewable power as a solution to decrease prices and stabilize profitability.
Sangha Renewables lately introduced a 20-megawatt solar-powered mining facility on-line in Ector County, Texas, whereas Phoenix Group launched a 30-megawatt hydro-powered operation in Ethiopia in November.
Individually, Canaan partnered with Soluna in September to deploy mining capability at a wind-powered web site in Texas and is creating adaptive mining rigs that use AI to optimize power effectivity.
Regardless of the mounting stress on mining economics, Bitcoin mining shares have rallied sharply in 2025, signaling that public markets are more and more centered on miners’ long-term strategic positioning slightly than near-term Bitcoin manufacturing alone.
Among the many prime 5 publicly traded miners, IREN Restricted is up roughly 331% year-to-date, adopted by Utilized Digital (246%), Cipher Mining (250%), Hut 8 (160%), and Riot Platforms (36%), based on information from Google Finance.
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