Cipher Mining Expands Beyond Texas With 200 MW Ohio Site Acquisition

• The deal will increase Cipher’s development pipeline to 3.4 GW across eight sites.
• The acquisition site is also suitable for high-performance computing, the company said. 
• Recently, Cipher Mining has been expanding into AI and HPC spaces due to high demand.

Cipher Mining Inc. (CIFR) announced that it is acquiring a 200-megawatt (MW) site in Ohio, called “Ulysses,” which will expand its footprint beyond Texas.

The acquisition includes 195 acres of land, secured capacity, and utility agreements. The site is expected to be connected with the power grid by the fourth quarter (Q4) of 2027, after which Cipher will gain access to PJM, the nation’s largest wholesale electricity market.

The acquisition site is also suitable for high-performance computing (HPC) due to its size, energization timeline, diverse fiber-path availability, and proximity to a major metropolitan area, the company said.

Shares of Cipher Mining are up about 0.6% on Tuesday at the time of writing.

AI And HPC Expansion

The latest Ohio site acquisition will not only expand Cipher’s geographical impact but will also increase its development pipeline to 3.4 GW across eight sites. Before this deal, the company had a pipeline of about 3.2 GW that was prioritized for HPC.

“Hyperscalers are driving unprecedented demand for large-scale sites,” said Tyler Page, CEO of Cipher Mining. “Leveraging our proven sourcing capabilities, Cipher is continuing to seize the opportunity to shape the future of high-performance computing infrastructure. This new site, in a new power market, gives us additional capacity to continue expanding our HPC hosting business while broadening our geographical footprint.”

The crypto mining platform has been aggressively pushing into the artificial intelligence (AI) and HPC space. In November, the company secured a 10-year HPC colocation deal with AI cloud company Fluidstack to provide 39 MW of critical IT load at its Barber Lake site in Texas. The deal is estimated to add about $830 million in revenue for Cipher over the first decade.

Later that same month, Cipher announced a 15-year lease agreement with Amazon Web Services to deliver 300 MW of capacity in 2026, valued at nearly $5.5 billion.

How Are Stocktwits Users Reacting?

On Stocktwits, retail sentiment around Cipher Mining shares slid into the ‘bearish’ territory from ‘bullish’ a day ago. At the same time, message volume declined to ‘low’ from ‘normal’ levels at the time of writing.

Shares of CIFR are up over 238% this year.

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