Cipher buys 200MW Ohio data centre to enter PJM power market

Published: 2025-12-24 06:42:09 |

Cipher Mining has acquired the 195‑acre Ulysses site in Ohio with 200 MW capacity, its first facility outside Texas and its entry into the PJM wholesale electricity market. The site has secured interconnection approvals and power capacity from AEP Ohio and is designed to host Bitcoin mining and high‑performance computing (HPC) and data‑centre services. Cipher targets energization in Q4 2027. The acquisition reflects a wider industry trend of publicly listed miners diversifying into power assets, data centres and HPC to stabilise revenues and offset prolonged low Bitcoin mining margins (hashprice pressure). Financial terms were not disclosed. For traders: the deal signals miners’ shift toward power-backed, multi‑revenue infrastructure that can reduce dependence on short‑term hashprice swings and potentially improve long‑term operational resilience. Primary keywords: Cipher Mining, PJM market, data centre, Bitcoin mining, HPC, AEP Ohio.

Bullish

Short-term: Neutral-to-mildly bullish for BTC. The acquisition itself does not directly change Bitcoin supply or demand, so immediate price impact is likely limited. Traders may see a modest positive sentiment boost for public miners’ stocks and for BTC because the industry is investing in longer‑lived, power-backed infrastructure that reduces operational risk. Long-term: Bullish. By securing grid capacity in PJM and targeting multi-use (HPC + mining) revenue, Cipher reduces exposure to volatile hashprice and improves revenue diversification. Over time, such power-backed, scalable facilities can lower miners’ effective operating risk and support sustained network hashrate growth, which markets may interpret as constructive for miner stability and institutional confidence in BTC infrastructure. Risks: delayed energization (target Q4 2027), undisclosed costs, and continued low hashprice could limit near-term benefits. Overall impact on BTC price is positive but gradual and contingent on execution and broader market conditions.