Alphabet Locks Down Leases with Crypto Miners as AI Demand Grows

Alphabet has solidified leases covering around 2.4 gigawatts of capacity across ten projects, strengthening its ties with crypto miners transitioning to AI applications.

This move demonstrates that Google's parent company is committed to the energy-for-AI game, partnering with companies that previously focused on mining Bitcoin.

The most notable connection is between Alphabet and Cipher Mining. In September 2025, Google agreed to backstop $1.4 billion of a $3 billion, 10-year AI hosting lease between Fluidstack and Cipher Mining, covering an initial 168 MW of capacity in Texas with room for scaling up to 244 MW.

In exchange for this guarantee, Alphabet received warrants granting it approximately 5.4% equity in Cipher Mining. Cipher has shifted its focus from Bitcoin mining to high-performance computing and AI applications, a roughly 2.4 GW development pipeline.