Cipher Mining Buys Ohio Power Site, Enters PJM Market
Cipher Mining has acquired a 200-megawatt power site in Ohio, named “Ulysses,” marking its first move outside Texas and into the PJM wholesale electricity market. The 195-acre site has secured power capacity and is scheduled for activation in late 2027. It will be used for high-performance computing, data centers, and Bitcoin mining. This expansion addresses surging demand from large cloud providers seeking data center capacity. Cipher’s move reflects a broader industry trend of bitcoin miners diversifying into data center and infrastructure development. Other miners, such as Hut 8 and Bitdeer, are making similar investments in data center and manufacturing infrastructure. Bitcoin mining profitability has come under pressure, with hashprice remaining at break-even levels since late 2023, pushing miners to explore AI, HPC, and renewable energy integrations. Despite pressure on operational margins, Bitcoin mining stocks have surged significantly in 2025, with companies like IREN Limited, Applied Digital, Cipher Mining, Hut 8, and Riot Platforms all posting substantial year-to-date gains. Public markets are now emphasizing long-term strategies over short-term production.
