Last updated on January 3rd, 2026 at 11:36 am
Quick Breakdown
- Cipher Mining acquired a 200MW Ohio power site, its first expansion outside Texas.
- The facility targets both Bitcoin mining and high-performance computing demand.
- Miners are increasingly diversifying into data centres and energy infrastructure amid persistent hash price pressures.
Cipher Mining has taken a major step beyond its Texas stronghold, acquiring a 200-megawatt power site in Ohio as it positions itself for growth in high-performance computing (HPC) and data centre hosting.
@CipherInc is pleased to announce the acquisition of a 200 MW site in Ohio. The site, named Ulysses, is Cipher’s first outside of Texas.
*195 acres with secured interconnection approvals to participate in the PJM market
*Expected to energize in Q4 2027
*Well-suited for HPC given…— Cipher Mining (@CipherInc) December 23, 2025
The site, known as “Ulysses,” marks Cipher’s first expansion outside Texas and gives the Bitcoin miner direct access to the PJM Interconnection, the largest wholesale electricity market in the United States.
Ohio site targets Bitcoin Mining and HPC demand
Located on a 195-acre plot, the Ulysses site has secured its full power allocation from AEP Ohio, with all key utility agreements already in place. Cipher expects the facility to be energized by the fourth quarter of 2027.
While the site will support Bitcoin mining, the company emphasized that it is also well-suited for data centre and high-performance computing workloads, a growing area of focus for publicly listed miners. Financial details of the acquisition were not disclosed.
Cipher CEO Tyler Page said the move aligns with surging demand from hyperscalers such as Amazon Web Services and Google Cloud, which are seeking large, power-dense sites to support cloud and AI infrastructure.
“Hyperscalers are driving unprecedented demand for large-scale sites,”
Page said, adding that the Ohio facility strengthens Cipher’s ability to scale its HPC hosting business.
Miners pivot toward power and data infrastructure
Cipher’s expansion reflects a broader trend across the Bitcoin mining industry, as operators diversify beyond pure mining to stabilize revenues.
Hut 8 recently signed a 15-year lease valued at roughly $7 billion to provide 245 megawatts of AI data centre capacity at its River Bend campus in Louisiana, with Google backing the lease payments. Bitdeer has expanded its U.S. manufacturing footprint by leasing nearly 188,000 square feet in Sparks, Nevada.
Other firms are investing heavily in energy infrastructure, manufacturing, and data centres to reduce reliance on Bitcoin price cycles.
Hashprice pressure forces strategic shift
The push toward diversification comes as mining economics remain under strain. Bitcoin mining hashprice, a key metric for miner revenue, has stayed below $40 since mid-November, a level many miners consider near breakeven.
Meanwhile, Cango Inc. is making headlines in the Bitcoin mining world, hitting a major milestone just a year after moving away from China’s automotive transaction services.
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