Barber Lake is the Cipher campus that never mined a block. The 250-acre site outside Colorado City, in Mitchell County, came with a newly built and fully energised high-to-mid voltage substation and executed ERCOT market participation agreements when Cipher closed on it for $67.5 million on 24 September 2024, plus a $3 per MWh fee running for the first five years after energisation. Its 300 MW gross interconnection carries no restriction on load profile - 244 MW gross in the first phase and 56 MW gross in the second, the latter adding 39 MW of critical IT load. Fluidstack USA II holds the entire site on a ten-year agreement with two optional five-year extensions, worth about $8.5 billion over the initial term and roughly $9.0 billion if both extensions run, and Google backstops $1.73 billion of the tenant's obligations. Phase I was due on 30 September 2026 and Phase II on 31 January 2027. Construction was guided at $9 to $10 million for each MW of critical IT load.
Fluidstack USA II Inc., under a ten-year agreement with two optional five-year extensions. Google backstops $1.73 billion of those obligations, and contracted payments run to roughly $8.5 billion over the initial term.
How much power is interconnected?
300 MW gross with no restriction on load profile, split 244 MW gross in the first phase and 56 MW gross in the second. The second phase adds 39 MW of critical IT load.
What was on the land before construction?
Ranch land carrying a newly constructed, fully energised high-to-mid voltage substation and completed ERCOT market participation agreements, which is why Cipher bought it. The site has never hosted bitcoin mining, unlike its siblings.
When is each phase due?
The first phase on 30 September 2026 and the second on 31 January 2027. The tenant had already taken partial occupancy of the building, with network racks deployed, by August 2026.
Which entity holds Barber Lake?
Cipher Digital Inc., listed on Nasdaq as CIFR and renamed from Cipher Mining in the fourth quarter of 2025. The land is held through the subsidiary Cipher Barber Lake LLC.
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