Cipher Mining Expands to Ohio With 200-Megawatt Data Center Site

Cipher Mining has acquired a 200-megawatt power site in Ohio called "Ulysses," marking the company's first expansion beyond Texas and its entry into the PJM wholesale electricity market, the largest in the United States.

The 195-acre facility has secured power capacity from AEP Ohio and is expected to be energized in the fourth quarter of 2027. Cipher said the site will support Bitcoin mining, high-performance computing, and data center operations targeting hyperscalers like Amazon Web Services and Google Cloud. Financial terms were not disclosed.

"Hyperscalers are driving unprecedented demand for large-scale sites," said Cipher CEO Tyler Page, noting the acquisition will expand the company's HPC hosting business.

The move reflects a broader industry trend as Bitcoin miners diversify beyond traditional mining operations. Recent examples include Hut 8's 15-year, $7 billion lease to supply 245 megawatts of AI data center capacity in Louisiana, and Bitdeer's expansion into Nevada manufacturing facilities.

Despite Bitcoin mining hash prices remaining below the $40 breakeven level since mid-November, mining stocks have surged in 2025. Among major publicly traded miners, IREN Limited leads with 331% year-to-date gains, followed by Cipher Mining at 250%, suggesting investors are focused on long-term strategic positioning rather than near-term mining profitability.