Cipher Stock Rises as Bitcoin Miner Boosts Debt Offering to $1.1 Billion Following Google Deal

Cipher Mining announced it has increased its convertible debt offering to $1.1 billion from an initial $800 million, following a significant $3 billion AI cloud hosting deal backed by Google. This move comes as cryptocurrency miners expand into AI computing, leveraging their extensive computing infrastructure. The Nasdaq-listed company revealed the deal involves a 10-year agreement with Fluidstack for critical IT load support in Colorado. Google will backstop $1.4 billion of Fluidstack's lease obligations in exchange for warrants to acquire 24 million shares of Cipher. Following this news, Cipher's stock rose by nearly 5% to around $12.20 per share after a prior decline. Analysts highlight the increasing convergence between crypto mining and AI, noting that the aggregate market cap of major publicly-traded Bitcoin miners reached over $39 billion recently. The blending of these technologies is paving the way for innovative computing solutions and market opportunities.

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