TechFlow news, September 25 — According to Theminermag, bitcoin mining company Cipher Mining announced on Thursday a 10-year, $3 billion high-performance computing (HPC) hosting agreement with Fluidstack, alongside plans to raise $800 million through a private placement of convertible notes.
Google will guarantee Fluidstack's $1.4 billion lease obligations to support project-related debt financing and will receive warrants to acquire approximately 24 million shares of Cipher common stock, representing a 5.4% pro rata equity stake.
Under the agreement, Cipher will deliver 168 megawatts (MW) of critical IT load at its Barber Lake site in Colorado City, with a maximum total capacity of 244 MW. Additionally, Cipher plans to privately place $800 million in zero-coupon convertible senior notes due 2031 with qualified institutional investors. The company said it will use the proceeds to fund construction at Barber Lake and accelerate HPC development across its 2.4-gigawatt pipeline.
