Black Pearl Phase I 150 MW ramp to ~9.6 EH/s by 3Q 2025
Company: Cipher Mining - Project: Black Pearl Facility
What the later record shows
Delivered on time · happened September 30, 2025
Black Pearl began mining in June 2025 and ramped to the full 150 MW by September 2025. The exact ~9.6 EH/s site hashrate is not separately confirmed.
“~40% Increase Driven by completion of Black Pearl Phase I 150 MW”
2025-11-02 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-09-27)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
Black Pearl Phase I envisions 150 MW of air-cooled rigs generating up to about 2.5 EH/s in Q2 2025 and ramping to about 9.6 EH/s in Q3 2025.
Source (primary)
cipher-mining 8-K exhibit (exh992ciphermining_busin.htm) (SEC EDGAR (8-K Ex), press_release)
View cached copy (2026-10-16)Live source ↗
Quote: “Phase I envisions 150 MW of air-cooled rigs generating up to ~2.5 EH/s(1) in Q2 '25 and ramping up to ~9.6 EH/s(2) in Q3 '25”
How we checked this
Checked on October 17, 2026. The cited source supports every part of this claim.
The Black Pearl slide states each of these figures directly.
Confirmed in the source:
- Black Pearl Phase I envisions 150 MW of air-cooled rigs
- Phase I is expected to generate up to about 2.5 EH/s in Q2 2025
- Phase I is expected to ramp to about 9.6 EH/s in Q3 2025
What we did: Read our cached copy of SEC EDGAR (8-K Ex) (https://www.sec.gov/Archives/edgar/data/1819989/000181998925000034/exh992ciphermining_busin.htm) in full (18,992 characters, retrieved October 16, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms cipher-mining 8-K exhibit (exh992ciphermining_busin.htm)
Quote: “Phase I envisions 150 MW of air-cooled rigs generating up to ~2.5 EH/s(1) in Q2 '25 and ramping up to ~9.6 EH/s(2) in Q3 '25”
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: “~40% Increase Driven by completion of Black Pearl Phase I 150 MW”