Cipher trims grid pipeline to 3.4 GW, leans on gas for 5.9 GW total
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Cipher Mining has trimmed its grid-powered pipeline to 3.4 GW while leaning on gas-fired capacity for a total of 5.9 GW, a strategic pivot toward gas and high-performance computing (HPC) as Bitcoin mining revenue declines. The shift underscores how miners are diversifying energy sources and expanding into AI/HPC workloads to offset shrinking Bitcoin economics. Key metrics to watch include the pace of grid interconnection approvals, gas plant development timelines, and the company's ability to convert its power pipeline into contracted HPC revenue.
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Cipher Mining