Cipher Mining Inc CIFR shares are moving higher. The company on Tuesday announced the closing of a 300 MW data center site.

What Happened: Cipher said it completed its acquisition of the Barber Lake site in West Texas. The Bitcoin BTC/USD mining company acquired the site for $67.5 million in cash and a variable fee of $3 per MWh (megawatt hour) for the initial five years after the energization of the site.

The site has 300 MW of capacity, a newly constructed high-to-mid voltage substation and all necessary regulatory approvals. Cipher also noted that it acquired 250 acres of land surrounding the substation and completed all necessary agreements to participate in the Electric…

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