Black Pearl Phase I energization in May 2025
Company: Cipher Mining - Project: Black Pearl Facility
What the later record shows
Delivered; the record does not say when
Cipher later said Black Pearl Phase I energization was completed on schedule in Q2 2025, and mining began in June 2025. No passage says whether energization happened by May 31.
“Construction and energization completed on schedule in Q2 2025”
2025-08-06 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-10-08)Live source ↗
“We commenced mining bitcoin at the Black Pearl data center in June 2025 and ramped up to 150 MW of capacity by September 2025.”
2026-02-23 · Cipher Mining 10-K filed 2026-02-24 View cached copy (2026-08-31)Live source ↗
Checked October 16, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
The 150 MW Phase I infrastructure at Black Pearl is nearing completion, all four substation transformers are onsite, and energization is expected in May 2025, ahead of schedule.
Source (primary)
cipher-mining 8-K exhibit (exh991cifrmay6_earningsxpr.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-16)Live source ↗
Quote: “We are nearing completion of the Black Pearl Data Center’s Phase I core and shell, and all four substation transformers are now onsite. Given the accelerated progress and expected energization in May”
How we checked this
Checked on October 17, 2026. The cited source supports every part of this claim.
The May 6, 2025 release describes the 150 MW Phase I as nearing completion with all four transformers onsite. It says energization was expected in May and ahead of schedule.
Confirmed in the source:
- Black Pearl Phase I infrastructure is 150 MW
- Black Pearl Phase I infrastructure is nearing completion
- All four substation transformers are onsite at Black Pearl
- Energization of Black Pearl was expected in May 2025
- Energization was expected ahead of schedule
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1819989/000181998925000034/exh991cifrmay6_earningsxpr.htm) in full (15,860 characters, retrieved October 16, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms cipher-mining 8-K exhibit (exh991cifrmay6_earningsxpr.htm)
Quote: “We are nearing completion of the Black Pearl Data Center’s Phase I core and shell, and all four substation transformers are now onsite. Given the accelerated progress and expected energization in May”
confirms Cipher Mining 10-K filed 2026-02-24
Quote: “We commenced mining bitcoin at the Black Pearl data center in June 2025 and ramped up to 150 MW of capacity by September 2025.”
confirms cipher-mining 8-K exhibit (ciphermining_businessupd.htm)
Quote: “Construction and energization completed on schedule in Q2 2025”