Oncor collateral deposit for Black Pearl
Company: Cipher Mining - Project: Black Pearl Facility
What the later record shows
Delivered on time · happened September 30, 2025
The ~$6.3 million Oncor deposit was on the books at December 31, 2023. Black Pearl reached 150 MW (above the 135 MW threshold) by September 2025, and the deposit was returned after September 30, 2025, well before May 15, 2026.
“Oncor Facility Extension security deposit related to Black Pearl Facility 6,269 6,269”
2024-10-30 · Cipher Mining 10-Q filed 2024-10-31 View cached copy (2026-08-31)Live source ↗
“Subsequent to September 30, 2025, the Company received the Oncor Facility Extension security deposit related to the Black Pearl Facility.”
2025-11-02 · Cipher Mining 10-Q filed 2025-11-03 View cached copy (2026-08-31)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 10, 2026 against filings, releases and reporting published after the claim was made. Quotes are verbatim from the linked documents.
The claim, verbatim
Committed to deliver up to $6.3 million collateral to Oncor if closing before end of December 2023, refundable upon achieving 135 MW energization by May 15, 2026
Source (primary)
Cipher Mining 8-K filed 2023-11-08 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “the Company expects to deliver to Oncor Electric Delivery Company LLC ("Oncor") up to $6.3 million as collateral that Oncor will be obligated to return to the Company, provided that the Company energizes at least 135MW at the Black Pearl Facility by May 15, 2026.”
How we checked this
Checked on October 11, 2026. The cited source supports part of this claim, but not all of it.
The amount, counterparty, closing condition, and refund condition all match the filing. However, the filing describes the deposit as an expectation, not a commitment.
Confirmed in the source:
- If the Black Pearl closing occurs before the end of December 2023, Cipher Mining expected to deliver up to $6.3 million to Oncor Electric Delivery Company LLC as collateral
- Oncor is obligated to return the collateral if Cipher energizes at least 135 MW at the Black Pearl Facility by May 15, 2026
We could not confirm this from the cited source:
- That Cipher Mining was committed to deliver the collateral; the filing says only that the Company 'expects to deliver' it
That does not mean it is false — only that this source does not establish it, as of the date above. If we find a source that settles it, we will re-check and update this page.
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000095017023060676/cifr-20231108.htm) in full (9,266 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 8-K filed 2023-11-08
Quote: “the Company expects to deliver to Oncor Electric Delivery Company LLC ("Oncor") up to $6.3 million as collateral that Oncor will be obligated to return to the Company, provided that the Company energizes at least 135MW at the Black Pearl Facility by May 15, 2026.”
confirms Cipher Mining 10-Q filed 2024-10-31
Quote: “Oncor Facility Extension security deposit related to Black Pearl Facility 6,269 6,269”
confirms Cipher Mining 10-Q filed 2025-11-03
Quote: “Subsequent to September 30, 2025, the Company received the Oncor Facility Extension security deposit related to the Black Pearl Facility.”
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.”