Google's Crypto Moves: Altcoins to Watch After Mining Investments

Google's Crypto Moves: Altcoins to Watch After Mining Investments

Google is all set to acquire a 5.4% stake in Cipher Mining, a Bitcoin mining company, in exchange for guaranteeing part of the payment in the deal between Fluidstack (an AI-focused data center company) and Cipher Mining. Fluidstack and Cipher Mining have entered into a 10-year contract worth $3B , under which Fluidstack will lease Cipher Mining’s computing power. Since this is such a large amount, Google has stepped in to guarantee $1.4B of Fluidstack’s obligation. In return, Cipher Mining will issue share warrants that give Google a 5.4% ownership stake (24M shares) in the company. This isn’t the first time Google has done this. Earlier in August, the tech giant acquired a 14% stake in TeraWulf, another Bitcoin mining company, by backstopping $1.8B out of its $3.7B deal with Fluidstack . Read on as we explore Google’s newfound interest in Bitcoin mining firms, and highlight the best altcoins to buy now to make the most of this industry shift. Bitcoin Miners Moving Towards AI Google’s foray in…