Cipher Mining (NASDAQ:CIFR) has acquired a 200-megawatt development site in Ohio, marking its first major expansion outside of Texas as it pivots toward high-performance computing (HPC) and AI hosting.
The site, dubbed “Ulysses,” includes 195 acres and secured power capacity through AEP Ohio, providing the company with a strategic foothold in PJM, the largest wholesale electricity market in the United States.
The acquisition brings Cipher’s total development pipeline to 3.4 gigawatts across eight sites, cementing its transition from a pure-play Bitcoin miner to a diversified digital infrastructure provider.
Unlike the company's Texas-based fleet, which primarily services the ERCOT grid, the Ohio location offers diverse fiber paths and proximity to major metropolitan areas, making it purpose-built for the low-latency requirements of hyperscale AI tenants.
All necessary utility and interconnection agreements are already in place, according to the company.
Cipher expects the site to energize in the fourth quarter of 2027, aligning with a broader industry trend of Bitcoin miners repositioning their "power-first" real estate for more lucrative AI and HPC leasing contracts.