Cipher Mining soars as Google invests in AI
Google, valued at more than $2 trillion, is set to acquire a 5.4% equity stake in Cipher Mining, a publicly traded Bitcoin mining company, as part of a sweeping agreement linking crypto infrastructure with artificial intelligence computing.
The deal, announced this week, involves a 10-year hosting partnership with AI cloud platform Fluidstack, under which Cipher will supply 168 megawatts (MW) of computing power from its Texas facility, Сoinpedia reported.
The arrangement is expected to generate $3 billion in contracted revenue over the first decade, with two five-year extension options that could bring the total value to nearly $7 billion. As part of the pact, Google will backstop $1.4 billion in lease obligations, further cementing its role in the project’s long-term viability.
Market reaction and expansion plans
Shares of Cipher Mining (CIFR) rose more than 8% in premarket trading on the announcement, closing at $14.70 after a volatile session. The company highlighted that the partnership reflects a strategic pivot toward high-performance computing (HPC) data centers, expanding its role beyond traditional Bitcoin mining.
“We are thrilled to be working with Fluidstack to develop HPC data centers, and we look forward to welcoming Google as an investor in Cipher,” said CEO Tyler Page. “We believe this transaction represents the first of several in the HPC space as we continue to scale our capabilities.”
To fund its growth, Cipher also revealed plans to raise $800 million through a private sale of convertible notes, earmarked for building new data centers and enhancing its AI computing capacity.
Implications for the industry
The move underscores the increasing convergence between crypto mining and AI infrastructure, as companies repurpose energy-intensive mining operations for broader computing applications. For Google, the investment offers a pathway into AI data hosting backed by blockchain-scale infrastructure, while for Cipher, it provides credibility and capital to diversify its business model.
Analysts suggest this could mark the start of a broader trend where digital asset miners evolve into hybrid computing providers, aligning with surging global demand for AI power.
Earlier, we reported GOOGL news: strong institutional inflows as Wedge Capital raises stake 9.5%.
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