Justin Pan's questions to Cipher Mining Inc (CIFR) leadership • Q2 2025
Question
Justin Pan from Clear Street inquired about the potential cost differences of the hybrid Bitcoin/HPC model for Black Pearl Phase 2 compared to a pure-play build, and whether this flexible strategy would be applied to future sites.
Answer
CEO Tyler Page stated the initial flexible build would cost about $1.5 million per megawatt, with further costs for higher-tier HPC upgrades dependent on tenant needs. He confirmed this modular approach is being considered for future sites like Stingray to accommodate rapid technology cycles and maintain optionality.