Cipher Mining’s subsidiary Black Pearl Compute LLC has launched a $2 billion offering of senior secured notes to fund its expansion into high-performance computing (HPC). The public mining company made the announcement today via an official release.
The proceeds will primarily complete the construction of the Black Pearl Facility, a 300-megawatt data center in Wink, Texas, whose Phase I is already operational. This responds to a less profitable mining environment following the 2024 halving and a declining “hashprice,” pushing the firm to diversify into stable AI and cloud hosting contracts.
The next step will be the private placement of the notes, which mature in 2031, with institutional buyers. Cipher will monitor the impact of this financing on its strategic transition, having already secured long-term agreements with partners like AWS and Fluidstack (backed by Google).
Source: Official statement from Cipher Mining Inc.
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