Cipher to Cover First $359.3 Million in Barber Lake Cost Overruns

Cipher will cover the first $359.3 million in costs above budget at its Barber Lake project under a revised lease, defining how construction overruns will be split as Bitcoin miners expand into AI data centers.

Riot expects guaranteed maximum price (GMP) contracts to cover about 70% of the budget for its Rockdale project. These contracts set a maximum price for covered work, limiting exposure to cost increases beyond that amount.

Riot also said lenders are taking a closer look at tenant credit, whether power facilities are energized and project delivery records. The scrutiny spans prospective customers, power readiness and project execution.

Core Scientific said tariffs have raised costs for some equipment and materials. The disclosures highlight how construction risk can fall on a miner under lease terms, be limited by contract pricing or appear as higher equipment and material costs during the industry's expansion into AI data centers.