Google (GOOGL.US) doubles down on its transformation into a mining company by acquiring a 5.4% stake in Cipher Mining (CIFR.US) to secure AI computing power.

According to CITIC Finance APP, as part of a multi-year data center agreement with the artificial intelligence computing startup Fluidstack, Google (GOOGL.US) has acquired the right to purchase 5.4% of the shares of cryptocurrency data center operator Cipher Mining (CIFR.US). According to Cipher's statement, Google has agreed to provide a guarantee for the $1.4 billion obligation in the ten-year contract signed between Fluidstack and the company (not covering the full contract amount), which involves approximately $3 billion in lease revenue. This is the second such transaction between Google and Fluidstack in the past two months, highlighting the strong demand for computing resources from artificial intelligence services.