Alphabet is stepping up its game in the AI infrastructure race by leasing energy capacity that used to fuel Bitcoin mining. The company has locked in about 2.4 gigawatts of power across ten different projects, signaling a major push to support its AI data centers using existing crypto mining facilities.
A prime example is Alphabet’s deal with Cipher Mining. Back in September 2025, Google agreed to guarantee $1.4 billion on a $3 billion, 10-year lease between Fluidstack and Cipher Mining. This arrangement initially covers 168 MW in Texas, with potential expansion to 244 MW. In return, Alphabet snagged a 5.4% equity stake in Cipher Mining, which has pivoted from Bitcoin mining to high-performance computing and AI applications, boasting a 2.4 GW development pipeline.
This isn't Alphabet’s only move. The company also supported a $1.8 billion guarantee in a similar Fluidstack deal with TeraWulf, covering 200 MW. These leases come without Alphabet taking on the direct operational burden of running these data centers, allowing the company to access power and space while avoiding the complexities of managing the facilities. Essentially, it’s a tenant swap: the buildings and power infrastructure remain unchanged but the machines inside shift from ASICs for mining to GPUs for AI.
Alphabet’s strategy doesn’t stop there. In December 2025, the company announced a $4.75 billion acquisition of Intersect Power, a clean energy developer targeting 10.8 GW capacity by 2028. This acquisition allows Alphabet to build new renewable energy projects alongside existing leased facilities, blending short-term capacity gains with long-term green energy ambitions.
For investors watching the crypto mining space, Alphabet’s backing of these multi-billion-dollar leases acts as a strong vote of confidence. It highlights how former Bitcoin miners adapting to host AI workloads are gaining traction and credibility. Such endorsements may reshape the future of energy-intensive computing sectors.
