Overview
Cipher Mining Inc., which rebranded as Cipher Digital in 2026, develops and operates large-scale data centers for bitcoin mining and high-performance computing (HPC). Its stated mission is to build infrastructure for “tomorrow’s compute,” reflecting a business that has expanded from bitcoin mining toward hosting next-generation computing workloads.[1][2][3]
The company’s disclosed operating and development footprint is in the United States, primarily Texas, with a pipeline that also includes Ohio. As of June 30, 2026, Cipher reported about 5.3 GW of capacity across sites at different development and interconnection stages, including operating bitcoin-mining capacity and HPC projects.[4][5]
For scale, Cipher reported $223.9 million in bitcoin-mining revenue for 2025 and had 66 full-time employees, including officers, as of the 2025 Form 10-K filing date.[6][7] [1][4][5][6][7][2][3]
Products & services
Cipher Mining’s products include bitcoin mined through its Odessa, Texas facility and high-performance-computing (HPC) data-center capacity provided under long-term leases. Odessa is a 207 MW mining data center; a company snapshot reports approximately 11.6 EH/s of hashrate, fleet efficiency of 17.2 J/TH, and power costs of about 2.8¢/kWh. Bitcoin-mining revenue comprises block rewards and transaction fees.[4][8][9]
Its HPC offering includes turnkey data-center capacity and associated power, operations and maintenance, environmental controls, physical security, and connectivity. At Black Pearl in Wink, Texas, Cipher is converting a former 300 MW mining facility for a 15-year hyperscaler lease, with phased delivery expected from 2026. At Barber Lake, it is building a 300 MW facility for Fluidstack, with lease commencement expected in September 2026; the lease runs for 10 years and has two five-year extension options. Cipher also has a further hyperscaler lease for a Texas facility with phased delivery expected to begin in 2027.[10][11][12][13][14]
For the six months ended June 30, 2026, bitcoin mining accounted for all reported consolidated revenue: $59.675 million, or 100%. The cited financial reporting does not show separate HPC-hosting revenue.[15] [4][8][9][10][11][12][13][14][15]
Geographic presence
As of the second quarter of 2026, Cipher Mining’s disclosed operating and development footprint is in the United States, with operating and construction activity concentrated in Texas. Its Odessa, Texas site was the source of bitcoin-mining revenue reported for the quarter; the 207 MW Odessa facility was the company’s operating mining site. The 300 MW Black Pearl site in Wink, Texas, was being retrofitted for high-performance computing, while the 300 MW Barber Lake site near Colorado City, Texas, was under construction for a data-center tenant.[4][16][17][18][19]
At June 30, 2026, the company described a portfolio of approximately 5.3 GW across 11 sites. Its pipeline included sites in Texas and Ohio; the company identified Ulysses as a 200 MW Ohio site and a potential 900 MW site near San Antonio, Texas. These portfolio and pipeline figures include projects at varying stages of development, not solely operating facilities.[5][20][21][22] The principal executive office was at 1 Vanderbilt Avenue, Floor 54, New York, New York 10017. The reviewed disclosures did not provide revenue percentages by geography or employee distribution by location; the 2025 annual filing stated that the company had no foreign operations during the periods presented.[23][24] [4][16][17][18][5][20][21][23][24][19][22]
Business segments
Cipher Mining reports one operating segment: Bitcoin Mining, which generates revenue by producing bitcoin. In the first half of 2026, it represented 100% of reported revenue ($59.675 million of $59.675 million).[25][15] The company is also developing and operating data centers for high-performance computing (HPC), but its latest reviewed 2026 second-quarter filing does not report HPC as a separate segment. The filing describes 700 MW of HPC facilities under development and 207 MW of operating bitcoin-mining capacity.[26][5] [25][15][15][26][5]
Company history
Cipher Mining was formed in Delaware on January 7, 2021, as a Bitfury subsidiary, with Tyler Page as chief executive. It agreed to merge with Good Works Acquisition Corp. in March 2021; the transaction closed in August, and Cipher began trading on Nasdaq as CIFR later that month.[27][28] Its first major mining buildout was the 207-MW Odessa, Texas, facility, which began mining in November 2022 and was completed in September 2023.[29]
In 2024, Cipher acquired the Barber Lake site in Texas for data-center development.[18][30] In 2025, it began a strategic expansion into high-performance-computing infrastructure, signing long-term leases for Barber Lake and the Black Pearl site; it also acquired the Ulysses site in Ohio.[17][31][32][20] In February 2026, the company sold its interests in three joint-venture mining facilities and changed its corporate name from Cipher Mining Inc. to Cipher Digital Inc.[33][34] [27][28][29][18][30][17][31][32][20][33][34]
Sources
- Cipher Mining Inc. — Full financial report (2026 Q 1)[1]
- cipherdigital.com[2]
- investors.cipherdigital.com[3]
- Cipher Mining Inc. — Full financial report (2026 Q 2)
- Cipher Mining Inc. — Full financial report (2025 Y)
- Cipher Mining Inc. — Presentation (2026 Q 1)[9]
- Cipher Mining Inc. — Presentation (2025 Y)[11][13]
- investors.cipherdigital.com[19]
- investors.cipherdigital.com[22]
- Cipher Mining Inc. — Full financial report (2021 Y)[27][28]
- Cipher Mining Inc. — Press release (2025 Y)[33][34]
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