Key Takeaways CIFR is transforming into an AI and HPC infrastructure developer using its Texas-based power assets.CIFR signed long-term AI hosting and data center agreements with AWS and Fluidstack worth about $8.5B.The company's 3.2 GW pipeline and West Texas HPC project expand AI capacity but increase near-term costs.Cipher Mining (CIFR) and IREN Limited (IREN) are U.S.-based Bitcoin miners that began as pure-play miners, with revenues tightly linked to Bitcoin prices, network difficulty, and hash rate gr ...