05:21 PM EDT, 08/27/2024 (MT Newswires) -- Cipher Mining ( CIFR ) said late Tuesday that it agreed to acquire a new site in West Texas for a cash payment of $67.5 million and a variable fee of $3 per megawatt hour for the initial five years following the site's energization.

The site features a 300-megawatts newly constructed substation, with all necessary regulatory approvals and contracts.

As part of the deal, Cipher will also acquire the 250-acre of land around the substation and agreements necessary to participate in the Electric Reliability Council of Texas market.

"New site is equally well-suited for [high performance computing] infrastructure and bitcoin mining," the company said.

Including this acquisition and other recent purchases, Cipher said its portfolio is over 2.5 gigawatts across 10 sites.

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