Google Secures 5.4% Ownership in Bitcoin Mining Company Cipher Through $3B Deal

Google has quietly taken a 5.4% stake in Bitcoin mining company Cipher Mining as part of a massive $3 billion agreement that merges crypto mining with artificial intelligence. The deal, announced Thursday, ties Google to a decade-long partnership between Cipher and AI data center operator Fluidstack.

Under the terms, Google will guarantee $1.4 billion of Fluidstack’s obligations to Cipher. In exchange, the company will receive warrants for roughly 24 million Cipher shares, giving it an estimated 5.4% equity stake. The broader agreement commits Cipher to provide 168 megawatts of computing power to Fluidstack at its Barber Lake site in Colorado City, Texas. The facility currently supports up to 244 MW and has the potential to scale to 500 MW across its 587-acre campus.

This marks Google’s second major crypto mining investment in just weeks. In late August, it became the largest shareholder in rival miner TeraWulf after acquiring a 14% stake through a similar deal with Fluidstack.

Cipher CEO Tyler Page said the partnership highlights the company’s growing role in high-performance computing (HPC). “We see this as the first of many deals in the HPC space as we continue to scale and strengthen our position,” he stated.

The move reflects a growing trend of Bitcoin miners expanding into AI infrastructure as investors reward diversification. CleanSpark recently raised $100 million to build AI-ready facilities, while Hive Digital has shifted aggressively into GPU-powered services after reporting record revenue. Analysts say this pivot is fueling a rebound in mining stocks, which have outperformed Bitcoin in recent months.

By bridging crypto mining and artificial intelligence, Google’s bet on Cipher signals that the lines between blockchain and AI are rapidly disappearing — and big tech wants in early.