Black Pearl, a subsidiary of mining company Cipher Mining, will conduct a private placement of senior bonds totaling $2 billion, maturing in 2031.
The funds will be used to complete the construction of a data center focused on high-performance computing (HPC) services, located in Wink, Texas.
The capital will also allow Cipher to reimburse approximately $232.5 million previously allocated to its subsidiary from its own funds under a credit line.
The mining firm is guaranteeing the debt obligations of its wholly-owned subsidiary, Black Pearl.
In December 2023, Cipher finalized the acquisition of a site for Black Pearl, initially capable of connecting up to 300 MW of power. In June 2025, the company launched the facility for Bitcoin mining, achieving a hashrate of approximately 2.5 EH/s with 150 MW utilized. The company planned to enhance the facility's capabilities by replacing outdated equipment with new models, including Canaan's Avalon A15Pro.
At that time, Cipher operated five data centers with a total capacity of 2.6 GW.
In the second half of the year, the company diversified into the AI segment. In September, it leased a data center in Colorado City, Texas, to UK startup Fluidstack. The deal was facilitated by Google, which acquired a stake in Cipher in exchange for $1.4 billion in guarantees.
In November, the mining company signed a lease agreement with Amazon Web Services worth $5.5 billion to support HPC services.
According to BitcoinMiningStock, Cipher has a deployed Bitcoin hashrate of 23.6 EH/s, ranking seventh among public companies in the industry. Over the past 12 months, the firm has increased its cryptocurrency mining capacity by approximately 1.5 times.
Source: BitcoinMiningStock.TeraWulf to Expand AI Capacity by 1.5 GW
Bitcoin miner TeraWulf is acquiring two sites in Houseville, Kentucky, and Charles County, Maryland, which could add 1.5 GW to the company's energy portfolio, bringing the total to 2.8 GW.
TeraWulf just expanded its development pipeline in a big way with strategic infrastructure acquisitions in Kentucky and Maryland.
— TeraWulf (@TeraWulfInc) February 2, 2026
Here’s what you need to know.
The Kentucky site features:
- access to developed energy infrastructure;
- connected capacity of 480 MW;
- potential for further expansion.
Located a few hundred kilometers from major Midwestern cities, the site is suitable for latency-sensitive computing tasks like HPC, the company emphasized.
In Maryland, TeraWulf is acquiring an operational power plant generating 210 MW. The initial phase of renovations will increase output to 500 MW, with future potential to reach 1 GW. The firm added that the increased load will be complemented by expanded battery storage capacities to ensure uninterrupted power supply.
“The proximity of the site to the Washington metropolitan area and other Mid-Atlantic markets enhances its appeal for resource-intensive computing tasks, where scale and reliability are valued,” the company stated.
In August 2025, Google increased its stake in TeraWulf to 14% through expanded financial guarantees for a deal between the miner and Fluidstack.
In September, TeraWulf announced plans to raise $3 billion through a Google-backed structure, with funds intended for data center construction.
TeraWulf's established hashrate is 8.5 EH/s, which has increased by approximately 16.5% over the past year.
In January, mining company Bit Digital announced plans to completely exit cryptocurrency mining to focus on AI-related strategies and investments in Ethereum.
In November, Bitfarms also reported a gradual exit from the industry and a shift towards infrastructure for artificial intelligence.