02:16 PM EST, 11/26/2024 (MT Newswires) -- Cipher Mining ( CIFR ) acquired a 250-acre data center site in West Texas with a capacity of up to 100 megawatts for $4.1 million.

A variable fee of $1.5 per megawatt hour will be charged for the initial five years after the site gets connected to the electrical grid, the company said Tuesday in a statement.

The site, called Stingray, has regulatory approvals and a facility extension agreement with Oncor, an electric transmission and distribution company in Texas, Cipher Mining ( CIFR ) said. Anticipated availability of power consumption is H1 2026.

Shares of Cipher Mining ( CIFR ) fell 10% in recent Tuesday trading.

Price: 5.80, Change: -0.65, Percent Change: -10.16