Potential Hashrate Capacity 2025
Company: Cipher Mining
What the later record shows
Outcome not yet confirmed
Hashrate peaked at about 23.6 EH/s in Q4 2025, well short of 32 EH/s. Cipher then adopted a bitcoin mining exit strategy, cutting hashrate to about 11.6 EH/s as it shifted to HPC.
“~23.6 EH/s ~11.6 EH/s Q4 2025 Current Bitcoin Mining Exit Strategy Transition from BTC Mining to HPC • Sale of Joint Venture Sites”
2026-02-23 · cipher-mining 8-K exhibit (cipherdigital_businessup.htm) View cached copy (2026-09-13)Live source ↗
Checked November 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
By the end of 2025, Cipher has the potential to reach a cumulative mining hashrate of approximately 32 exahashes per second
Source (primary)
Cipher Mining 10-K filed 2022-03-04 (SEC EDGAR, sec_filing)
View cached copy (2026-09-27)Live source ↗
Quote: “by the end of 2025, we will have the potential to reach a cumulative electrical power capacity of approximately 745MW and corresponding hashrate of approximately 32 EH/s.”
How we checked this
Checked on October 12, 2026. The cited source supports every part of this claim.
The 10-K states Cipher's aim that by the end of 2025 it will have the potential to reach about 32 EH/s of hashrate. This is a forward-looking target, not an achieved result.
Confirmed in the source:
- Cipher states that by the end of 2025 it will have the potential to reach a hashrate of approximately 32 EH/s, corresponding to about 745MW of power capacity
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000095017022002861/cifr-20211231.htm) in full (509,143 characters, retrieved September 27, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 10-K filed 2022-03-04
Quote: “by the end of 2025, we will have the potential to reach a cumulative electrical power capacity of approximately 745MW and corresponding hashrate of approximately 32 EH/s.”