Brett Niblock

Brett Niblock inquired about the impact of recent ERCOT developments on hyperscaler demand in Texas, specifically if it's causing a shift away from the region, and the extent to which Cipher Digital is exploring co-locating generation with its data centers.

Answer

CEO Tyler Page stated that he has observed no decrease in hyperscaler interest in Texas, noting their increasing focus on behind-the-meter solutions, for which West Texas is uniquely suited due to natural gas resources. He reiterated his belief that West Texas will become a major data center hub. Page confirmed that Cipher's top resources are actively investigating co-locating generation, with discussions underway with counterparties, expressing optimism for it becoming a significant part of their portfolio despite remaining engineering and financing questions.