much you Thanks, second Josh. business Hello. This Mining. call. CEO for joining very our of is Thank Tyler Page, XXXX update Cipher quarter
the and today, few the major growth our key the of as a business for expansion Cipher's of call continued quarter. call XXXX. and of the begin growth July with the theme Let upcoming me end metrics second of The throughout Cipher is
efficiency per X.X to second current with self-mining per terahash. grown joules a XX.X of now have of capacity exahash We fleet
rigs site capacity rigs the to because self-mining data our upgraded largest will XX.X install ship the mining and year-end. improve at to XX.X at rest plan arrive terahash them. prepared exahash in we look to of our bring already per second we Odessa joules are of fleet-wide third our the scheduled that to quarter, per significant center we is upgrade by a Those they XXXX, efficiency will as take and to them As
the new considerably megawatt Our growth in Black with Pearl then XXX to of reaching completion. our expected data accelerate XXXX, addition center is
We Cipher's probably expect to expand And held that data have And of details for excited upcoming center price to and doing we of per story, our capacity Cipher of a low pipeline extensive efficiency to power sites future improve will been will bitcoin. on is in X,XXX largely the provide to joules fleet-wide attractive all-in our growth. the industry per per its weighted the driver XX second inventory for today, self-mining data of unit our terahash. for the of the to a is exahash best continued the I best-in-class center end economics. kilowatt Cipher are large of costs, and our price average operating be $X.XXX to our our its majority hour.
Electricity very as has that bitcoin reminder of represents build new work development. that mentioned as competitive XX.X known newer key July, I'm our early those build and very focus
and America Historically, construction that letter we signed intent sites approval new in our in chain our long-term and getting our data and our a timeline, sites Cipher centers. improving success. capacity we have to and sites acquired bidding can have have a involved operated earlier We the already interconnection that received adjacent acquire for and but we while infrastructure vital own that always per the an scope consistently option that competitors of to cannot, for competitions of owning for the final its said supply with of in is our assets recently site.
By X targeted functions. development most valuable stages interconnection XXX visibility North owned source avoid are to has broader transmission approvals, own expanded megawatt sourced,
under ultimate for Our price agreement limiting be of our risk. number on downside our and purchase based will attractive megawatts for the sites the approved very interconnection,
XXX In and a already the it XX time addition megawatts Texas XXXX. forward energizes in we we expanded that are QX with believe for in Reveille has to can this megawatts, approved moving purchase option, been front-of-the-meter-site be called to by
of large-scale data that to capacity all variety center as to development a characteristics So will sit more data intend trends also years. flexibility of HPC up the X future these can over flexible Pearl, potential the used interconnections monetize develop the locations center allow of The with sit major in that used Bitcoin curtailment Notably, continued meteoric sites bitcoin and gigawatts the space be load, see would valuable at news in well mining centers, data time.
The of of all a Black X believe growth of centers, across sites. after sites future coming now operations. the X.X have of we pipeline bitcoin related demand us the of become ways HPC necessary for development have of we data we a value in we as adoption the in of for AI-related but the mining network to impacting as response programs center
pipeline positioned on we sites, of exactly trends the a of where HPC our the growth.
In launch announce to optionality, business. pleased of we I'm which connection to the sites, of be with is potential infrastructure new these for massive like have lot also in updates front our With with
needs and team, of experienced the areas. a HPC and this infrastructure provider and X to have Cipher in finance we to HPC data is business well and build capital have the over Cipher months, out. HPC Given have believe will strengths to center in in the an Mining, data recent we of right access for specific considerable the relative the infrastructure operations construction to advantages positioned In necessary space. requirements the have the all leader success focus center successful be devoted we we evolving identified market sites, X marketplace competitors.
A
Our Cipher pipeline team to Meta. adequate operations access sites extensive existing firms necessary and experience building centers The has like at land and construction operating fiber X and HPC service to at Google, all have Vantage data customers. and Tier
This our recently of the As in the branching on Uptime operations mining of being an their historically instance first and data example center, awarded and has industry bitcoin The the centers. excellence focused out standards of stamp Uptime approval. the exclusively center Institute recognized, traditional the sets data to industry, team's Institute industry. management Odessa is data
team has it literally our with operational Our Wall expansion, financing sets management track team excellence for proven industry.
When a record the experience raising Street our deep to capital. of standard in comes
and dollars requests of Over inundated HPC provider billions the and space, our development our last in a lenders being to have investors few sites, managing about of with from interest asking center level pipeline been the for infrastructure. information dedicated months, of we our data HPC
had also and build ability tenants, technical to have our other very that we to confident be shells are large in hyperscalers and We potential powered tenants. with attractive will deep discussions
the capital we strengths unique investment on major in Given portfolio, new to embark of excited site business company. are the our construction line a operations available, our for level and and of
potential managing for also mining and the bitcoin still the excited very are curtailment. We associated about
intent to uniquely best-in-class is converge. over mix centers. business be will the even We early lines and maximize potential business develop it are mining of to the strategy payoff future complementary to time While time, predict HPC our and positioned and too our different we by think our risks bitcoin is exact have Cipher guided as and of to our both infrastructure value verticals, shareholder in over lines data with profiles be
current Pearl centers work. data let's a and of building. data to Slides the X X turn we at and Now, the photos center from completed next rendering the are site show Black
We to scheduled energize site of XXXX. in are the second quarter the
building O&M foundations and site underground shape the is taking progressing electrical and work Our schedule. is on erection, steel at concrete
bitcoin Our and megawatts megawatts design liquid-cooled XXX air-cooled envisions of of mining. XX
to Load in center expand on early in with service and we Zone a XXX been site. from in is is It West. Cotulla, to current believe portion which But the is XX XXX South, the can to discussions We to the the second exahash The is produce located site Texas transmission Load dedicate overview a completely full the megawatts. which anticipated XX.X provider, repurpose and roughly XXXX. our And out, distribution haven't has ERCOT we for inquire shows in data based approved bitcoin different intent megawatts located of we the site of Reveille center an full capacity, have per hyperscalers while megawatts ruled site it HPC At for mining. of X our had data Black are willingness Pearl, of infrastructure. to about Zone Odessa hashrate.
Slide area
a to Given have necessary still that to build a too but It to have to on infrastructure. the and manage is focused plan high-quality and with exact tenants. a now lease And powered baseline capital a plan interest tenant. for we had is our a the center, Tier for our HPC energize building we for data HPC timeline supply timeline data securing the of from providers early the site proceed planning long-term site, with initial potential this the high-level shell discussions chain center aligns from Reveille determine X and and
Slide a XX, our move data for of give let's scaling review our produced Now, $XX,XXX our our we of centers. centers a our existing an and paid we electricity On expected portfolio a hashrate. expansion current in data self-mining cost per of operations. at bitcoin Year-to-date, data and all-in average to near-term timeline overview of centers
our numbers all in and cost costs, about Please they our talk deliver number, proud not charges, our and low costs, We advantage. and total electricity some we charges.
In this economics. are so mining competitive when to of note and our to competitors electricity about include mean transmission best-in-class contrast, unit and numbers all that include our we of other talk when drives dramatically transmission only it other demonstrate these our the rigs, very electricity
as of On produced the electricity current the the to illustration of well related The operations cost half. per manage data all date. bitcoin megawatts our we graphic have on left the a and those of the a our operations, and of in you opportunities along number an side sites give centers the rate you of coming to additional year slide in this overview the growth at four slide year with as hash right by self-mining the our side charts
exahash be stamp the industry. power to is awarded X-year facility some Odessa Institute's We XX% see, can will expect turn across point, in to manage to currently hashrate. second, lowest utilizing XXX of our management center with you power fixed for centers XXX and generate data of this Odesa agreement megawatts a operations. slide As Those we see At generate of bitcoin per part it Odesa data exahash in produce approximately approval by second of our became megawatts. we and in significant XXX bitcoin with upgrade those centers per Uptime can expected approximately as months. mining cost at expect picture self-mining approximately XX XX.X in the our data you the of most same eleven price site. X.X portfolio first a of the per exahash the and we a On the facility. the XXXX the production second production coming wholly-owned represents to our roughly site, purchase will Odessa July.
Recently, rig five is pending
site see On miners, recent have observed all-in Even We portion have new was our per we venture for data of roughly valuable the can through July. large of highlight halving site provide at centers Alborz, to portfolio.
On of bitcoin number XX, the on the also Chief. the the cost mined $XX,XXX. after the at and which Slide to page, power electricity fixed bitcoin end a reduced X,XXX how this post-halving, cheap it Bear paid a year-to-date bitcoin available you of Cipher such our we price joint is of
at approximately generate they generate overall second. post-halving, our bitcoin Chief, sites, expansions sites the XX% power per now roughly of the a exahash and recent sites page, We observed the have XXX total $XX,XXX. at the and electricity megawatts of and Bear we capacity also X.X production. now of was provide currently JV bitcoin On per XX% of which own With the this all-in cost each
as As both operate a sites. and Chief Bear reminder, front-of-the-meter
be be So, seasonal electricity and tend fluctuations summer higher. their to with expected there some will costs months
Ed over As of Financial Farrell. and to we bitcoin to we continued in XXXX, it our both rest Chief Officer, our at this point, our turn toward growth our HPC mining the turn infrastructure forward new vertical.
And business I'll look