Cipher Mining Enters $3 Billion Computing Power Agreement with Fluidstack, Backed by Google
- Cipher Mining has signed a $3 billion deal with Fluidstack for a decade-long supply of computing power.
- Google guarantees $1.4 billion of the agreement in exchange for warrants, potentially leading to a 5.4% stake in Cipher Mining.
- The deal includes providing 168 MW of computing power at Cipher’s Barber Lake facility.
- If options to extend are exercised, the total contract value could reach $7 billion over 15 years.
- Cipher Mining plans to issue convertible bonds worth $800 million to further scale operations.
This significant partnership between Cipher Mining and Fluidstack aims to enhance high-performance computing capabilities essential for blockchain technologies and data operations. The involvement of Google as a guarantor adds credibility and financial backing to the agreement.
The deal’s structure allows for substantial growth, with potential total values reaching up to $7 billion if extended, solidifying Cipher’s position in the computing landscape. (Source)
