The Analysis · Companies · People · Methodology

Black Pearl Facility

Project of Cipher Mining

Kind: datacenter
Location: 11786 County Road 209, Wink, TX 79789
County: Winkler County
State/region: TX
Country: US
Status: announced

Capacity

What has actually been delivered, against what has been promised. Each figure links to the statement it came from.

Stage	Capacity	As of	Source
Energized power flowing today	--
Contracted a customer is on the hook	300 MW	2026-02-23	Amazon 15-year Black Pearl lease
Under construction	300 MW	2026-08-03	Black Pearl Facility capacity
Permitted	--
Interconnect approved utility has agreed to deliver	300 MW	2023-11-07	Black Pearl ERCOT power approval
Interconnect requested in a queue, nothing approved	--
Announced a press-release figure	300 MW	2026-02-23	Black Pearl facility gross capacity

Who has claimed this site

Capacity commitments in the order they were announced. A commitment that ended shows why.

2026-02-23

Amazon Web Services - tenant · 300 MW · 15-year term source

Claims about this project

2023-11-07 - delayed

Black Pearl acquisition closing. Promised by 2023-12-31.

2023-11-07 - stated

Black Pearl ERCOT power approval 300.0 MW.

2023-11-07 - delayed

Collateral posting to Oncor Electric Delivery Company 6300000.0 USD. Promised by 2023-12-31.

2023-11-07 - delayed

Black Pearl energization commitment 135.0 MW. Promised by 2026-05-15.

2023-11-07 - delayed

Black Pearl facility minimum energization requirement 135.0 MW. Promised by 2026-05-15.

2023-11-07 - stated

Black Pearl lease term 10.0 years.

2023-11-07 - delayed

Oncor collateral deposit for Black Pearl 6.3 USD. Promised by 2026-05-15.

2025-02-24 - delayed

Black Pearl substation energization 300.0 MW. Promised by 2025-06-30.

2025-02-24 - stated

Black Pearl first phase bitcoin mining capacity 150.0 MW.

2025-02-24 - stated

Black Pearl bitcoin phase capacity 150.0 MW.

2025-02-24 - delayed

Black Pearl substation energization. Promised by 2025-06-30.

2025-02-24 - stated

Black Pearl bitcoin mining first phase 150.0 MW.

2025-02-24 - delayed

Black Pearl substation energization 300.0 MW. Promised by 2025-06-30.

2025-02-24 - stated

Black Pearl first phase bitcoin mining capacity 150.0 MW.

2025-02-24 - delayed

Black Pearl substation energization 300.0 MW. Promised by 2025-06-30.

2025-02-24 - stated

Black Pearl HPC/mining capacity 150.0 MW.

2025-05-19 - delayed

Mining rigs delivery July 2025. Promised by 2025-07-31.

2025-05-19 - stated

Black Pearl data center Phase 1 energization.

2025-05-19 - delayed

Black Pearl Phase 1 energization June 2025. Promised by 2025-06-30.

2025-05-19 - stated

Mining rigs arrival at Black Pearl facility.

2025-05-19 - delayed

Black Pearl Phase 1 energization and miner arrival. Promised by 2025-06-30.

2025-05-19 - delayed

Black Pearl mining capacity energization 150.0 MW. Promised by 2025-06-30.

2025-05-21 - delayed

Black Pearl Phase 1 energization target. Promised by 2025-06-30.

2025-05-21 - delayed

Mining rigs arrival for Phase 1. Promised by 2025-07-31.

2025-05-21 - stated

Use of convertible notes proceeds.

2025-05-21 - delayed

Black Pearl data center planned capacity 300.0 MW. Promised by 2025-06-30.

2025-05-21 - stated

Black Pearl Data Center Total Capacity 300.0 MW.

2025-05-21 - delayed

Black Pearl Phase 1 Energization. Promised by 2025-06-30.

2025-05-21 - delayed

Black Pearl Bitcoin Mining Energization 150.0 MW. Promised by 2025-06-30.

2025-05-21 - delayed

Mining Rigs Delivery to Black Pearl. Promised by 2025-07-31.

2025-05-22 - delayed

Black Pearl 300 MW facility bitcoin mining energization 150.0 MW. Promised by 2025-06-30.

2025-05-22 - delayed

Black Pearl Phase 1 energization. Promised by 2025-06-30.

2026-02-02 - stated

Senior secured notes offering 2000000000.0 USD. Promised by 2031-12-31.

2026-02-04 - delayed

Black Pearl Compute senior secured notes offering 2000000000.0 USD. Promised by 2026-02-11.

2026-02-10 - stated

Proceeds to reimburse Cipher for equity contributions 232500000.0 USD.

2026-02-10 - stated

Black Pearl Facility data center in Wink, Texas.

2026-02-10 - stated

Amortization of Senior Secured Notes principal 7.0 percent.

2026-02-10 - stated

Senior Secured Notes offering completed 2000000000.0 USD. Promised by 2031-02-15.

2026-02-10 - stated

Completion guarantee for Black Pearl Facility.

2026-02-23 - stated

Amazon 15-year lease agreement.

2026-02-23 - stated

Black Pearl full rent ramp target. Promised by 2027-03-31.

2026-02-23 - stated

Black Pearl full rent ramp. Promised by 2027-03-31.

2026-02-23 - stated

Black Pearl Phase II rent commencement target. Promised by 2027-03-31.

2026-02-23 - stated

Black Pearl full rent ramp. Promised by 2027-03-31.

2026-02-23 - stated

Quanta Services construction partnership.

2026-02-23 - stated

Black Pearl Phase I rent commencement. Promised by 2026-12-31.

2026-02-23 - stated

Black Pearl Phase II rent commencement and full ramp. Promised by 2027-03-31.

2026-02-23 - stated

Black Pearl Phase II rent commencement target. Promised by 2027-03-31.

2026-02-23 - stated

Amazon Web Services lease 300.0 MW.

2026-02-23 - stated

Black Pearl Phase I rent commencement target. Promised by 2026-12-31.

2026-02-23 - stated

Black Pearl Phase II rent commencement target. Promised by 2027-03-31.

2026-02-23 - stated

Amazon 15-year lease at Black Pearl 300.0 MW.

2026-02-23 - stated

Black Pearl Phase I rent commencement target. Promised by 2026-12-31.

2026-02-23 - stated

Black Pearl facility gross capacity 300.0 MW.

2026-02-23 - stated

Amazon 15-year Black Pearl lease 300.0 MW.

2026-02-23 - stated

Black Pearl facility capacity 300.0 MW.

2026-02-23 - stated

Black Pearl Phase I rent commencement target. Promised by 2026-12-31.

2026-03-24 - stated

Black Pearl facility cash flow commencement.

2026-05-04 - stated

Black Pearl Facility HPC Retrofit.

2026-08-03 - stated

Black Pearl Facility capacity 300.0 MW.

2026-08-03 - stated

Black Pearl HPC retrofit commencement.

2026-08-22 - stated

Black Pearl facility online ahead of schedule.

2026-08-22 - stated

Black Pearl facility early delivery.

2026-08-22 - stated

Black Pearl facility generating rental income.

2026-08-31 - stated

Black Pearl Bitcoin mining decommissioning.