Cipher Mining Secures 200 MW Data Center Capacity in Ohio

The site, known as Ulysses, spans roughly 195 acres and comes with secured power capacity from utility provider AEP Ohio. The acquisition represents a meaningful expansion of Cipher’s development pipeline, both in scale and geography, as the company looks beyond its traditional Texas-based operations.

According to the company, all required utility agreements for the project are already in place, with the site expected to be energized in the fourth quarter of 2027. Once operational, Ulysses will give Cipher direct access to the PJM Interconnection, the largest wholesale electricity market in the United States. This access could play an important role in shaping the company’s long-term power procurement strategy and its ambitions in the HPC sector.

Moving into Ohio reflects a deliberate shift away from Cipher’s historically Texas-centric build strategy toward a more geographically diversified footprint. Until now, much of the company’s active and planned capacity has been concentrated within the Electric Reliability Council of Texas (ERCOT). In recent years, that market has faced growing grid congestion and interconnection bottlenecks, challenges that have become increasingly relevant for large power users such as data centers and cryptocurrency mining operations.

Tyler Page, CEO of Cipher, said hyperscale cloud providers are accelerating demand for large, power-dense infrastructure as the company advances its expansion strategy. “Hyperscalers are driving unprecedented demand for large-scale sites,” Page said. “Leveraging our proven sourcing capabilities, Cipher is continuing to seize the opportunity to shape the future of high-performance computing infrastructure. This new site, in a new power market, gives us additional capacity to continue expanding our HPC hosting business while broadening our geographical footprint.”

The Ulysses project sits at the intersection of two major industry trends: the rapid expansion of data center ecosystems driven by artificial intelligence and high-performance computing, and the growing importance of capacity and wholesale power markets such as PJM, which spans 13 U.S. states and the District of Columbia.

PJM is widely regarded as one of the most mature and liquid electricity markets in the country, supported by extensive transmission infrastructure. For large power consumers, participation in this market can offer greater flexibility and, in some cases, more predictable pricing compared with other regional grids.

Beyond power availability alone, the location of the Ulysses site reflects broader strategic considerations. Its proximity to multiple fiber routes and a major metropolitan area enhances its suitability for HPC workloads, which often require low-latency connections and high-bandwidth data transfer. Cipher highlighted these geographic advantages as key factors supporting the site’s potential to host HPC operations alongside traditional bitcoin mining.

While bitcoin mining remains central to Cipher Mining’s business, the company has been steadily expanding its focus to include hosting services for AI and HPC customers. This evolution mirrors a wider industry shift, as miners and data center developers seek to diversify revenue streams by repurposing power-intensive infrastructure to serve a broader range of compute-driven workloads.

With the addition of Ulysses, Cipher’s total development portfolio now stands at approximately 3.4 gigawatts across eight sites. This marks a notable expansion from earlier pipelines that were more narrowly focused on bitcoin-only deployments.

The Ohio project is scheduled to come online in late 2027, aligning with typical interconnection timelines in the United States, where large-scale grid connections often require several years of planning and coordination with utilities and regulators. For companies targeting AI and HPC customers, early access to transmission capacity has become an increasingly important competitive advantage.

Cipher noted that all interconnection approvals for the Ulysses site have already been secured, an achievement that stands out amid widespread delays and lengthy queue times in several U.S. power markets. Still, as with any large-scale infrastructure development, the project remains subject to execution risks, including permitting, construction timelines, and potential changes in grid policy. The company has cautioned that forward-looking statements are subject to risks and uncertainties, in line with U.S. securities regulations.

More broadly, Cipher’s expansion reflects a growing trend among infrastructure developers seeking to leverage large power footprints for diversified compute use cases. Bitcoin mining has often served as an entry point to securing significant power contracts, but the rapid rise of AI computing and enterprise HPC demand has opened new markets for high-density, power-ready sites.

Across the sector, competitors are increasingly positioning new facilities in regions with deeper wholesale power markets and stable regulatory environments. Some are also experimenting with hybrid models that combine blockchain infrastructure with compute services for cloud providers and AI developers.

For Cipher, the Ulysses acquisition expands its addressable capacity and could support more stable, recurring revenue through HPC hosting. At the same time, it highlights the growing convergence between wholesale electricity markets and the expanding demands of compute-intensive industries.

As data center and HPC loads continue to scale, regulators and grid operators are facing renewed pressure to clarify interconnection rules and improve capacity planning. In markets such as PJM, where large power users are rapidly entering interconnection queues, calls for greater transparency and more streamlined approval processes are likely to intensify.