比特币矿工，Terawulf和Google：新的AI基础设施联盟？

Terawulf和Cipher采矿正在从比特币开采转移到AI基础设施，并具有Google的支持，这标志着加密货币和AI领域的重大趋势。

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

比特币矿工，Terawulf和Google：新的AI基础设施联盟？

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.

比特币采矿的景观正在发展，Terawulf和Cipher Mining等公司正在领导这一指控。在科技巨头Google的大力支持下，这些公司正在向AI基础设施转向AI基础设施，这表明该行业发生了重大变化。

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

Terawulf的30亿美元数据中心扩展，并获得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计划将其数据中心扩展30亿美元，Google扮演着至关重要的角色。据报道，Google已为这项交易投入了14亿美元的支持，其在相关安排中的总支持可能达到约32亿美元。此举强调了Terawulf从纯比特币挖掘到托管第三方计算的战略转变，包括AI工作负载。

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.

这种转变至关重要，因为它重塑了Terawulf的收入来源及其吸引的客户类型。市场分析师在其他矿工（例如密码矿业）中观察到了类似的策略，在这些矿工中，与主要科技公司的隶属关系促进了大量托管协议。

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

密码开采获得了30亿美元的AI托管协议，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对AI基础设施的承诺通过其在密码开采中的5.4％股权进一步巩固。这项投资与FluidStack长达十年的托管协议有关，价值约为30亿美元，潜在的扩展可能会产生高达70亿美元的Cipher收入。作为本协议的一部分，密码开采将分配168兆瓦的计算能力，从其德克萨斯州的理发湖遗址为FluidStack。

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

这些交易使Google能够通过FluidStack确保云的能力，而无需构建新数据中心，同时在硬件运营商中获得了股票位置。

Market Reaction and Financial Implications

市场反应和财务影响

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的股票经历了明显的波动性，反映了投资者的乐观和谨慎。与Google的联系以及与AI数据中心的枢轴有关看涨的情绪。同样，Cipher Mining的股票在2025年增加了两倍，表明投资者对其注重AI的方向充满信心。对于Alphabet而言，该公司的股票今年上涨了近30％，自4月以来的股票超过70％，分析师将这些收益归功于Google的积极AI推动力，稳定的产品推出以及最近的法律胜利，从而缓解了监管压力。

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，债务风险和执行挑战使投资者保持警惕，从而迅速获利。 Terawulf的债务股权比率和负息覆盖率突出了财务考虑，推动其向高收益市场的发展。

The Broader Trend: Crypto Miners Pivoting to AI

更广泛的趋势：加密矿工向AI旋转

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.

在这种战略转变中，Terawulf和Cipher采矿并不孤单。包括Hive Digital和CleanSpark在内的几位加密矿工也开始专注于GPU托管和AI服务。由于公司试图利用其基础设施为新兴的人工智能部门，这种趋势表示加密矿业行业内的更广泛的转变。

Conclusion: A Symbiotic Relationship?

结论：共生关系？

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等比特币矿工与Google等技术巨头之间的合作可能代表着加密货币和人工智能的融合中的关键时刻。通过将其基础设施重新用于AI工作负载，这些矿工不仅使收入流多样化，而且还有助于扩大AI能力。这是双赢的，或者至少这是每个人都希望的，而AI霸主开始为我们的博客编写Punchline！