Who Cipher Mining buys from and sells to
Texas bitcoin miner building leased AI data centres for AWS and Fluidstack.
Buys from 2
- Bitmainmining rigs for the bitcoin fleet
- VistraVSTpower for the Odessa site via Luminant
Sells to 3
- AmazonAMZN~300 MW AWS lease, rent from Aug 2026~$5.5B 15-year lease
- Fluidstackall of Barber Lake, ~207 MW, Google-backstopped~$3.8B of 10-year leases
- Bitcoin networkblock rewards from mining
Where the chain could break
- Fluidstack is a private start-up; Google's backstop is what makes the rent bankable
- Two 2026 rent starts depend on on-time construction in West Texas
Competes with
- TeraWulfWULFFluidstack sites backed by Google
- Hut 8HUTthe same
- IRENIRENminer-to-AI conversion
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.