Black Pearl substation energization
Company: Cipher Mining - Project: Black Pearl Facility
What the later record shows
Delivered on time · happened June 30, 2025
No passage explicitly mentions the substation being energized. However, Black Pearl infrastructure was placed into service and grid-powered mining began in June 2025, and the site holds approvals for 300 MW of interconnection, which implies energization in Q2 2025.
“In June 2025, as part of placing the assets related to the Black Pearl Facility into service, the Company recorded an asset retirement obligation”
2025-11-02 · Cipher Mining 10-Q filed 2025-11-03 View cached copy (2026-08-31)Live source ↗
“The Black Pearl Facility has received approvals for 300 MW of interconnection and has entered into agreements necessary to participate in the ERCOT market.”
2026-02-23 · Cipher Mining 10-K filed 2026-02-24 View cached copy (2026-08-31)Live source ↗
Checked October 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Expect to energize the 300 MW substation in Q2 2025
Source (primary)
Cipher Mining 10-K filed 2025-02-25 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “We expect to energize the 300 MW substation in the second quarter of 2025”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The 10-K's Black Pearl Facility section states the company expects to energize the 300 MW substation in the second quarter of 2025.
Confirmed in the source:
- Cipher expects to energize the 300 MW substation at its Black Pearl Facility in the second quarter of 2025
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000181998925000005/cifr-20241231.htm) in full (492,885 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 10-K filed 2025-02-25
Quote: “We expect to energize the 300 MW substation in the second quarter of 2025”
confirms Cipher Mining 10-Q filed 2025-11-03
Quote: “In June 2025, as part of placing the assets related to the Black Pearl Facility into service, the Company recorded an asset retirement obligation”
confirms Cipher Mining 10-K filed 2026-02-24
Quote: “The Black Pearl Facility has received approvals for 300 MW of interconnection and has entered into agreements necessary to participate in the ERCOT market.”