Cipher Mining Inc. (NASDAQ: CIFR) is a publicly traded U.S.-based industrial-scale Bitcoin mining and digital infrastructure company, originally spun out from Bitfury in 2021. The company owns and operates data centers primarily in Texas, focusing on self-mining with efficient fleets (~17 J/TH average), strategic Bitcoin treasury management, and diversification into high-performance computing (HPC)/AI hosting. Key sites include Odessa (207 MW primary), Black Pearl (300 MW, Phase I 150 MW fully operational with latest-gen rigs), and JVs (e.g., Bear/Chief). In 2025, Cipher completed Black Pearl Phase I ramp-up (~10 EH/s contribution), achieved ~23.6 EH/s total self-mining hashrate by Q3, signed major AI/HPC leases (e.g., 300 MW 15-year AWS deal ~$5.5B value, Fluidstack agreements ~$8-9B potential), and secured a 3.2 GW development pipeline (including 1 GW Colchis JV). As of late 2025 (post-Q3 updates), Cipher holds ~1,500 BTC, emphasizes innovation in data center construction, and balances Bitcoin mining with HPC revenue for flexible power monetization.

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