Cipher Mining Shares Rise After Closing of Texas Data Center Acquisition

By Chris Wack

Cipher Mining shares were up 11% to $3.33 after the company completed its purchase of the Barber Lake data center in west Texas for a cash payment of $67.5 million and a variable fee of $3/MWh for the initial five years after the energization of the site.

The New York technology company said the site features 300 megawatts of front-of-the-meter capacity, a newly constructed, fully energized, high-to-mid voltage substation, and all necessary regulatory approvals.

As part of the transaction, Cipher has acquired the 250 acres of land surrounding the substation and completed agreements necessary to participate in the ERCOT market.

The company said the site is immediately available, with an existing high-quality substation and all the essential characteristics necessary to develop a large-scale data center or bitcoin mining center.

With this acquisition and other recently announced purchases, Cipher's portfolio will grow to more than 2.5 gigawatts across 10 sites.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

September 24, 2024 12:51 ET (16:51 GMT)

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