Cipher Mining has acquired a 200 megawatt power site in Ohio named Ulysses, marking the company’s first expansion outside Texas and its entry into the PJM wholesale electricity market, the largest power market in the United States. The move signals a strategic shift as publicly listed Bitcoin miners increasingly look beyond pure mining operations to secure long term infrastructure and diversified revenue streams.
The 195 acre Ulysses site has secured power capacity from AEP Ohio, with all required utility agreements already in place. According to the company, the facility is expected to be energized in the fourth quarter of 2027. Financial terms of the transaction were not disclosed. Cipher Mining said the site is suitable not only for Bitcoin mining but also for high performance computing and broader data center use, positioning it to serve a wider range of customers.
Cipher Mining’s entry into the PJM market is significant because PJM covers major population and commercial centers across multiple US states, offering access to deep power liquidity and large scale energy users. Chief executive Tyler Page said the Ohio site would help the company respond to rising demand from hyperscalers, including major cloud providers such as Amazon Web Services and Google Cloud. He noted that hyperscalers are driving unprecedented demand for large scale, power ready sites, and that the Ulysses project gives Cipher additional capacity to expand its high performance computing hosting business alongside mining.
Miners diversify as economics tighten
The Ohio acquisition comes as Bitcoin mining economics remain under pressure. The Bitcoin mining hash price, a key indicator of miner revenue per unit of computing power, has stayed below $40 since mid November. Many operators view this level as close to breakeven, forcing companies to reassess cost structures and long term strategies as margins across the sector remain compressed.
Against this backdrop, diversification into power infrastructure, data centers, and artificial intelligence related workloads has accelerated. Cipher Mining’s move mirrors a broader trend among publicly traded miners seeking more stable revenue streams. Hut 8 recently signed a 15 year lease valued at about $7 billion to supply 245 megawatts of AI data center capacity at its River Bend campus in Louisiana. Infrastructure provider Fluidstack is the tenant, with Google backing the lease payments. Bitdeer has also expanded beyond mining, leasing around 188,000 square feet at a logistics facility in Sparks, Nevada, to grow its US manufacturing footprint, according to The Miner Mag.
Some miners are also turning to renewable energy to lower costs and reduce exposure to volatile power prices. Sangha Renewables recently brought a 20 megawatt solar powered mining facility online in Ector County, Texas. Phoenix Group launched a 30 megawatt hydro powered mining operation in Ethiopia in November. Canaan, meanwhile, partnered with Soluna to deploy mining capacity at a wind powered site in Texas and is developing adaptive mining rigs that use artificial intelligence to optimize energy efficiency.
Despite near term pressure on mining revenues, investor sentiment toward the sector has improved sharply in 2025. Bitcoin mining stocks have rallied, suggesting public markets are placing greater weight on long term strategic positioning rather than short term Bitcoin output. Among the top five publicly traded miners, IREN Limited is up roughly 331 percent year to date, followed by Applied Digital at 246 percent, Cipher Mining at 250 percent, Hut 8 at 160 percent, and Riot Platforms at 36 percent, according to Google Finance data.
For Cipher Mining, the Ulysses site represents a clear step toward that long term positioning, combining access to a major US power market with flexibility to serve both Bitcoin mining and high performance computing demand.
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