Google Backs Crypto Miner Deal In Rush for AI Data Centers

Alphabet Inc.’s Google has agreed to anchor a $3 billion data center contract with Cipher Mining Inc. in the latest tie up between a crypto mining firm and a big tech company seeking computing resources for artificial intelligence.

Google will guarantee $1.4 billion of AI computing startup Fluidstack’s $3 billion, 10-year agreement with Cipher, Cipher said in a statement on Thursday. Google will also get the right to buy a 5.4% stake in Cipher, it said.