Black Pearl facility cash flow commencement
Company: Cipher Mining - Project: Black Pearl Facility
The claim, verbatim
Company expects Black Pearl facility to commence cash flows, triggering increased minimum liquidity requirements
Source (primary)
Cipher Mining 8-K filed 2026-03-25 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “after the commencement of cash flow of one but not both of the Barber Lake facility and the Black Pearl facility, and (iii) $200,000,000, after the commencement of cash flows for both the Barber Lake facility and the Black Pearl facility.”
How we checked this
Checked on September 15, 2026. The cited source supports part of this claim, but not all of it.
The filing describes Black Pearl cash-flow commencement only as a trigger for higher liquidity covenants. It does not state that the company expects cash flows to begin or give any timing.
Confirmed in the source:
- Commencement of cash flows at the Black Pearl facility would raise the minimum quarterly liquidity requirement from $100,000,000 to $150,000,000 (or to $200,000,000 if Barber Lake has also commenced)
We could not confirm this from the cited source:
- The company expects the Black Pearl facility to commence cash flows
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/1819989/000095010326004609/dp244113_8k.htm) in full (8,127 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 8-K filed 2026-03-25
Quote: “after the commencement of cash flow of one but not both of the Barber Lake facility and the Black Pearl facility, and (iii) $200,000,000, after the commencement of cash flows for both the Barber Lake facility and the Black Pearl facility.”