We break down Cipher Mining’s 15-year, 300 MW lease with AWS, why miners are being repriced as data center operators, and how Texas power and a deep site pipeline drive the shift from hash rate to hyperscale demand. We also touch on earnings, revenue ramps, and where AWS could land in the portfolio.

• AWS lease: 300 MW gross, $5.5bn value, August 2026 start
• Shift from Bitcoin mining to HPC colocation economics
• Market reaction and miner decoupling from Bitcoin price
• Black Pearl and Barber Lake site flexibility
• Pipeline depth: Stingray 100 MW and Colchis 1 GW
• Buildout realities, PUE targets and delivery standards
• Texas power costs and margin control
• Revenue phasing and refurbishment timelines
• Q3 highlights: 23.6 EH/s, 689 BTC, $72m revenue
• Balance sheet strength with $1.2bn converts
• Upcoming CEO earnings interviews and comparisons

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