Black Pearl Phase 1 energization and miner arrival
Company: Cipher Mining - Project: Black Pearl Facility
What the later record shows
Delivered on time · happened June 30, 2025
Black Pearl assets were placed into service and bitcoin mining began in June 2025, which means miners were on site by about the July target. One filing instead dates the start of mining operations to July 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 ↗
“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 ↗
“increased power costs at the Black Pearl Facility which commenced mining operations in July 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
The company aims to energize Phase 1 of its Black Pearl data center in June 2025 with mining rigs expected to arrive in July 2025
Source (primary)
Cipher Mining 424B5 filed 2025-05-20 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “The Company aims to energize Phase 1 of its Black Pearl data center in June 2025 and the mining rigs are expected to arrive in July 2025”
How we checked this
Checked on October 11, 2026. The cited source supports every part of this claim.
The prospectus states both the June 2025 energization target for Black Pearl Phase 1 and the expected July 2025 arrival of the mining rigs.
Confirmed in the source:
- Cipher Mining aims to energize Phase 1 of its Black Pearl data center in June 2025
- The mining rigs for Black Pearl are expected to arrive in July 2025
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1819989/000119312525123231/d920705d424b5.htm) in full (436,841 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Cipher Mining 424B5 filed 2025-05-20
Quote: “The Company aims to energize Phase 1 of its Black Pearl data center in June 2025 and the mining rigs are expected to arrive in July 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: “We commenced mining bitcoin at the Black Pearl data center in June 2025 and ramped up to 150 MW of capacity by September 2025.”