Black Pearl facility minimum energization requirement
Company: Cipher Mining - Project: Black Pearl Facility
What the later record shows
Delivered on time · happened September 30, 2025
The 2025 10-K says Black Pearl began mining in June 2025 and reached 150 MW by September 2025. That exceeds the 135 MW threshold well before May 15, 2026.
“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 energize at least 135 MW at the Black Pearl Facility by May 15, 2026
Source (primary)
Cipher Mining 424B5 filed 2023-11-08 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “we expect to deliver to Oncor Electric Delivery Company LLC ("Oncor") up to $6.3 million as collateral that Oncor will be obligated to return to us provided that we energize 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 filing names 135 MW by May 15, 2026 only as the condition for getting the Oncor collateral back. It does not say Cipher committed to reaching that level.
Confirmed in the source:
- Energizing at least 135 MW at the Black Pearl Facility by May 15, 2026 is the condition for Oncor returning up to $6.3 million in collateral
We could not confirm this from the cited source:
- Cipher made a commitment or obligation to energize at least 135 MW at the Black Pearl Facility by May 15, 2026
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/1819989/000119312523273313/d556672d424b5.htm) in full (157,109 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 424B5 filed 2023-11-08
Quote: “we expect to deliver to Oncor Electric Delivery Company LLC ("Oncor") up to $6.3 million as collateral that Oncor will be obligated to return to us provided that we energize at least 135MW at the Black Pearl Facility by May 15, 2026”
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.”