Bitcoin mining firm Cipher Mining Inc. has announced plans to issue $2 billion in senior secured notes through its subsidiary, Black Pearl Compute LLC. The notes, due in 2031, will be offered via private placement to qualified institutional investors. The proceeds will fund the completion of the Black Pearl Facility, a high-performance computing data center in Wink, Texas. Additionally, the funds will repay Cipher's previous equity investment of $232.5 million, establish a debt service reserve, and cover related expenses.