比特幣礦工，Terawulf和Google：新的AI基礎設施聯盟？

Terawulf和Cipher採礦正在從比特幣開採轉移到AI基礎設施，並具有Google的支持，這標誌著加密貨幣和AI領域的重大趨勢。

Bitcoin Miners, TeraWulf, and Google: A New AI Infrastructure Alliance?

比特幣礦工，Terawulf和Google：新的AI基礎設施聯盟？

The landscape of Bitcoin mining is evolving, and companies like TeraWulf and Cipher Mining are leading the charge. With substantial backing from tech giant Google, these firms are pivoting towards AI infrastructure, signaling a significant shift in the industry.

比特幣採礦的景觀正在發展，Terawulf和Cipher Mining等公司正在領導這一指控。在科技巨頭Google的大力支持下，這些公司正在向AI基礎設施轉向AI基礎設施，這表明該行業發生了重大變化。

TeraWulf's $3 Billion Data Center Expansion with Google's Support

Terawulf的30億美元數據中心擴展，並獲得Google的支持

TeraWulf is planning a massive $3 billion expansion of its data centers, with Google playing a crucial role. According to reports, Google has committed a $1.4 billion backstop to this transaction, and its total support across related arrangements could reach approximately $3.2 billion. This move underscores TeraWulf's strategic shift from pure Bitcoin mining to hosting third-party compute, including AI workloads.

Terawulf計劃將其數據中心擴展30億美元，Google扮演著至關重要的角色。據報導，Google已為這項交易投入了14億美元的支持，其在相關安排中的總支持可能達到約32億美元。此舉強調了Terawulf從純比特幣挖掘到託管第三方計算的戰略轉變，包括AI工作負載。

This transformation is crucial as it reshapes TeraWulf's revenue streams and the types of clients it attracts. Market analysts have observed similar strategies among other miners, such as Cipher Mining, where affiliations with major tech companies have facilitated substantial hosting agreements.

這種轉變至關重要，因為它重塑了Terawulf的收入來源及其吸引的客戶類型。市場分析師在其他礦工（例如密碼礦業）中觀察到了類似的策略，在這些礦工中，與主要科技公司的隸屬關係促進了大量託管協議。

Cipher Mining Secures $3 Billion AI Hosting Deal Backed by Google

密碼開採獲得了30億美元的AI託管協議，由Google支持

Google's commitment to AI infrastructure is further solidified through its 5.4% equity stake in Cipher Mining. This investment is linked to a decade-long hosting agreement with Fluidstack, valued at approximately $3 billion, with potential extensions that could generate up to $7 billion in revenue for Cipher. As part of this agreement, Cipher Mining will allocate 168 megawatts of computing power to Fluidstack from its Barber Lake site in Texas.

Google對AI基礎設施的承諾通過其在密碼開採中的5.4％股權進一步鞏固。這項投資與FluidStack長達十年的託管協議有關，價值約為30億美元，潛在的擴展可能會產生高達70億美元的Cipher收入。作為本協議的一部分，密碼開採將分配168兆瓦的計算能力，從其德克薩斯州的理髮湖遺址為FluidStack。

These deals allow Google to secure cloud capacity through Fluidstack without building new data centers itself, while gaining equity positions in hardware operators.

這些交易使Google能夠通過FluidStack確保云的能力，而無需構建新數據中心，同時在硬件運營商中獲得了股票位置。

Market Reaction and Financial Implications

市場反應和財務影響

TeraWulf's stock has experienced significant volatility, reflecting both optimism and caution from investors. The connection with Google and the pivot to AI data centers have fueled bullish sentiment. Similarly, Cipher Mining's stock has tripled in 2025, indicating strong investor confidence in its AI-focused direction. For Alphabet, the company's shares are up nearly 30% this year and over 70% since April, and analysts credit these gains to Google's aggressive AI push, steady product launches, and a recent legal victory that eased regulatory pressure.

Terawulf的股票經歷了明顯的波動性，反映了投資者的樂觀和謹慎。與Google的聯繫以及與AI數據中心的樞軸有關看漲的情緒。同樣，Cipher Mining的股票在2025年增加了兩倍，表明投資者對其註重AI的方向充滿信心。對於Alphabet而言，該公司的股票今年上漲了近30％，自4月以來的股票超過70％，分析師將這些收益歸功於Google的積極AI推動力，穩定的產品推出以及最近的法律勝利，從而緩解了監管壓力。

However, debt risks and execution challenges keep investors vigilant, leading to quick profit-taking. TeraWulf's debt-to-equity ratio and negative interest coverage highlight the financial considerations driving its move towards high-yield markets.

但是，債務風險和執行挑戰使投資者保持警惕，從而迅速獲利。 Terawulf的債務股權比率和負息覆蓋率突出了財務考慮，推動其向高收益市場的發展。

The Broader Trend: Crypto Miners Pivoting to AI

更廣泛的趨勢：加密礦工向AI旋轉

TeraWulf and Cipher Mining are not alone in this strategic shift. Several crypto miners, including Hive Digital and CleanSpark, have also started focusing on GPU hosting and AI services. This trend signifies a broader transformation within the crypto mining industry, as companies seek to leverage their infrastructure for the burgeoning AI sector.

在這種戰略轉變中，Terawulf和Cipher採礦並不孤單。包括Hive Digital和CleanSpark在內的幾位加密礦工也開始專注於GPU託管和AI服務。由於公司試圖利用其基礎設施為新興的人工智能部門，這種趨勢表示加密礦業行業內的更廣泛的轉變。

Conclusion: A Symbiotic Relationship?

結論：共生關係？

The collaboration between Bitcoin miners like TeraWulf and Cipher Mining, and tech giants like Google, could represent a pivotal moment in the convergence of cryptocurrency and artificial intelligence. By repurposing their infrastructure for AI workloads, these miners are not only diversifying their revenue streams but also contributing to the expansion of AI capabilities. It's a win-win, or at least that's what everyone hopes while the AI overlords start writing the punchlines for our blogs!

Terawulf和Cipher Mining等比特幣礦工與Google等技術巨頭之間的合作可能代表著加密貨幣和人工智能的融合中的關鍵時刻。通過將其基礎設施重新用於AI工作負載，這些礦工不僅使收入流多樣化，而且還有助於擴大AI能力。這是雙贏的，或者至少這是每個人都希望的，而AI霸主開始為我們的博客編寫Punchline！