Cipher expands beyond Texas with major U.S. power acquisition

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Yaroslav Dmytrenko

24.12.2025

Cipher expands beyond Texas with major U.S. power acquisition — Cipher Mining buys 200MW Ohio plant, enters PJM market

Cipher Mining is entering the U.S. wholesale electricity market, joining a broader strategy among publicly traded bitcoin mining companies to develop energy and industrial infrastructure beyond conventional mining.

The company has acquired a 200-megawatt power plant in Ohio called “Ulysses,” marking its first expansion outside Texas and its entry into PJM, the largest wholesale power market in the United States.

According to Tuesday’s announcement, the 195-acre site has secured power from AEP Ohio, all required utility agreements are in place, and the facility is expected to go online in the fourth quarter of 2027.

Cipher also stated that the facility is suitable for high-performance computing and data center use, in addition to bitcoin mining. Financial terms of the deal were not disclosed.

The acquisition aims to meet growing demand from major cloud computing companies such as Amazon Web Services and Google Cloud for large-scale data center infrastructure.

“Large corporations are driving unprecedented demand for major sites,” said Cipher CEO Tyler Page, adding that the company’s new facility will provide additional capacity to expand its high-performance computing (HPC) hosting business.

Strategic diversification strengthens miners’ positions

Expanding beyond traditional bitcoin mining has become a common survival strategy for publicly traded mining firms.

Hut 8 recently signed a 15-year lease worth about $7 billion to secure 245 MW of AI data center capacity at its River Bend campus in Louisiana. The lease is backed by Fluidstack, with Google guaranteeing the payments.

Meanwhile, Bitdeer leased approximately 188,000 square feet in a Nevada logistics facility to expand U.S. production, while Sangha Renewables launched a 20-MW solar plant in Texas, and Phoenix Group activated a 30-MW hydropower facility in Ethiopia.

Canaan has also partnered with Soluna to deploy mining infrastructure at a Texas wind power site and is developing adaptive AI-driven mining rigs to optimize energy efficiency.

Bitcoin mining stocks have surged throughout 2025, signaling that public markets increasingly value miners’ long-term strategic positioning rather than just short-term bitcoin production.

As we wrote, Cipher Mining soars as Google invests in AI

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