Cipher Mining Diversifies Beyond Texas With 200MW "Ulysses" Site Acquisition in Ohio

Cipher Mining Inc. (NASDAQ:CIFR) is one of the promising stocks to buy under $50. On December 23, Cipher Mining announced the acquisition of a new 200-megawatt/MW site in Ohio, named Ulysses. This acquisition represents a significant milestone for the company, as this is its first site located outside of Texas. The move highlights Cipher’s strategy to diversify its geographical footprint and source high-quality infrastructure opportunities across the US.

The Ulysses site encompasses 195 acres of land and includes secured power capacity from AEP Ohio. All necessary utility agreements and interconnection approvals are already in place, allowing the facility to participate in the PJM market, which is the largest wholesale electricity market in the country. The project is currently on track to be energized in Q4 2027.

Cipher Mining Inc. (NASDAQ:CIFR) identified the location as being uniquely suited for HPC applications. The site’s expansive acreage, combined with the availability of diverse fiber paths and its proximity to a major metropolitan area, drives its suitability. With the addition of the Ulysses project, Cipher Mining’s total development pipeline has grown to 3.4 gigawatts/GW across 8 different sites.

Cipher Mining Inc. (NASDAQ:CIFR), together with its subsidiaries, develops and operates industrial-scale data centers in the US.

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Disclosure: None. This article is originally published at Insider Monkey.