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Cipher Mining is transitioning from a Bitcoin mining operation to a provider of AI and high-performance computing infrastructure through long-term hosting contracts, including a significant 15-year lease with Amazon Web Services. The company aims to generate billions in recurring revenue by 2026, supported by a robust development pipeline and recent acquisitions, while financing these initiatives with $333 million in senior notes. Operations at the newly acquired Ulysses site in Ohio are expected to commence in Q4 2027.