Capital ExpenditureThe potential deal at Barber Lake, free from financing theoretically up to a billion dollars of capex, could result in multiple expansion for Cipher Mining after signing a long-term tenant.
Market CompetitionInterest in Cipher’s 2.8 GW development pipeline from prospective HPC/AI counter-parties remains very high, indicating intense competition for securing tenants.
Operational RisksCipher Mining's growth set to accelerate at Barber Lake, but the staggered energizations through 2027 pose potential risks of delayed returns.