The site acquisition provides Bitcoin miner Cypher a foothold in the largest US wholesale power market as miners widen their infrastructure methods.
Cypher Mining has bought a 200-megawatt power facility in Ohio dubbed “Ulysses.” This is the company’s first growth outside of Texas and its first foray into the PJM wholesale electricity market, which is the biggest power market in the US.
According to the release on Tuesday, the 195-acre site has made arrangements with AEP Ohio to get power, and all the necessary utility agreements are in place. AEP Ohio plans to power up the project in the fourth quarter of 2027.
Cypher said the facility is excellent for Bitcoin mining, high-performance computing, and data centres. The deal’s financial details were not made public.
The move is meant to fulfil the growing demand for data centres from hyperscalers, which are big cloud computing businesses like Amazon Web Services and Google Cloud.
The purchase is part of a larger effort by publicly traded Bitcoin miners to get into power, data centres, and manufacturing facilities outside of traditional mining.
For example, Hut 8 has just signed a 15-year lease worth around $7 billion to deliver 245 megawatts of AI data centre space at its River Bend complex in Louisiana. Fluidstack is the tenant, and Google is funding the lease payments.
According to The Miner Mag, Bitdeer rented roughly 188,000 square feet in a logistics centre in Sparks, Nevada, a few days later to expand its production base in the US.
Low hashprice pushes miners toward AI, HPC, and energy diversification
The Bitcoin mining revenue per unit of computer power has been below $40 since mid-November. Many operators see this as the point at which they break even. The downturn has made mining businesses rethink how they do business because margins throughout the industry are still low.
Many miners are looking for new ways to make money by using AI and HPC, but others are also using renewable energy to save expenses and keep profits steady.
Sangha Renewables recently opened a 20-megawatt solar-powered mining complex in Ector County, Texas. In November, Phoenix Group opened a 30-megawatt hydro-powered enterprise in Ethiopia.
In September, Canaan teamed up with Soluna to set up mining equipment at a wind-powered facility in Texas. The company is also working on adaptive mining rigs that employ AI to make the most of energy utilisation.
Bitcoin mining stocks have gone up a lot in 2025, even though mining economics are getting worse. This indicates that public markets are more interested in miners’ long-term strategic posture than just their short-term Bitcoin production.
According to data from Google Finance, IREN Limited is up over 331% this year, followed by Applied Digital (246%), Cypher Mining (250%), Hut 8 (160%), and Riot Platforms (36%). These are the five biggest publicly traded miners.