Cipher says it is evaluating an HPC conversion at Odessa as the site absorbs Black Pearl's S21 XP rigs
The February 2026 business update lists Odessa under a "Bitcoin Mining Exit Strategy," stating Cipher has "flexibility to continue mining through expiration of the PPA in July 2027, while evaluating a potential conversion to HPC." Roughly 10,000 outdated rigs at Odessa were replaced with about 10,000 Bitmain S21 XP machines redeployed from Black Pearl as that site finished bitcoin decommissioning in February 2026 for its Fluidstack HPC lease, lifting Odessa to approximately 11.6 EH/s at about 17.2 J/TH and roughly 2.8 c/kWh.
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