2025 year-end capacity deployment
Company: Cipher Mining
What the later record shows
Delivered on time · happened September 30, 2025
Black Pearl Phase I (150 MW) was energized in Q2 2025, bringing operating capacity to 477 MW including JV capacity. By Q3 2025 the site hashrates sum to about 25.8 EH/s (11.3 + 10.1 + 4.4), and self-mining hashrate was about 23.6 EH/s, both ahead of the year-end target.
“Phase I – 150 MW – 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 ↗
“477 MW Operating Capacity Including JV Capacity CURRENT OPERATIONS ~16.8 EH/s Q2 2025”
2025-08-06 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-10-08)Live source ↗
“~17.6 J/TH Fleet Efficiency ~11.3 EH/s Total Operating Hashrate $25,414 Q3 2025 All-In Electricity Cost per BTC(2) 150 MW Total Operating Power Capacity ~13.9 J/TH Fleet Efficiency ~10.1 EH/s Total Operating Hashrate”
2025-11-02 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-09-27)Live source ↗
“120 MW Total Operating Power Capacity(4) ~25.7 J/TH Fleet Efficiency ~4.4 EH/s Total Operating Hashrate(4)”
2025-11-02 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-09-27)Live source ↗
“Exceeded Q3 2025 hashrate projections and achieved total self-mining hashrate of ~23.6 EH/s”
2025-11-02 · cipher-mining 8-K exhibit (ciphermining_businessupd.htm) View cached copy (2026-09-27)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
Plan to deploy additional approximately 150 MW for a total of approximately 477 MW of electrical capacity by the end of 2025, with corresponding hashrate of at least approximately 25.2 EH/s
Source (primary)
Cipher Mining 10-K filed 2025-02-25 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “we plan to deploy an additional approximately 150 MW for a total of approximately 477 MW of electrical capacity by the end of 2025, and a corresponding hashrate of at least approximately 25.2 EH/s, of which we expect to own approximately 23.0 EH/s, with the remainder being owned by WindHQ”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The 10-K states the planned additional 150 MW, the 477 MW end-2025 total, and the corresponding hashrate of at least approximately 25.2 EH/s.
Confirmed in the source:
- Cipher plans to deploy an additional approximately 150 MW of electrical capacity
- Cipher plans a total of approximately 477 MW of electrical capacity by the end of 2025
- Cipher expects a corresponding hashrate of at least approximately 25.2 EH/s
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 plan to deploy an additional approximately 150 MW for a total of approximately 477 MW of electrical capacity by the end of 2025, and a corresponding hashrate of at least approximately 25.2 EH/s, of which we expect to own approximately 23.0 EH/s, with the remainder being owned by WindHQ”
confirms cipher-mining 8-K exhibit (ciphermining_businessupd.htm)
Quote: “~17.6 J/TH Fleet Efficiency ~11.3 EH/s Total Operating Hashrate $25,414 Q3 2025 All-In Electricity Cost per BTC(2) 150 MW Total Operating Power Capacity ~13.9 J/TH Fleet Efficiency ~10.1 EH/s Total Operating Hashrate”
confirms cipher-mining 8-K exhibit (ciphermining_businessupd.htm)
Quote: “Phase I – 150 MW – Construction and energization completed on schedule in Q2 2025”