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On November 20, Cipher, a Bitcoin mining company, entered into a 10-year high-performance computing (HPC) hosting agreement with Fluidstack, an operator of AI cloud platforms. Under the terms of the deal, Cipher will supply an extra 39 megawatts of crucial IT load capacity, with a maximum of 56 megawatts of additional total capacity as backup. Over the initial 10-year period, the agreement is projected to yield roughly $830 million in contract revenue, with the possibility of two five-year extensions. Should these extension options be exercised, the total contract revenue from this transaction will soar to approximately $2 billion, and the cumulative revenue over the entire lease term will reach around $9 billion. Moreover, Google has committed to underwriting Fluidstack's supplementary lease obligations of $333 million to facilitate project debt financing.
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