Hut 8 built its name mining bitcoin. Now one of its Texas sites will help power a major AI deal.
Anthropic agreed to spend $35 billion buying computing capacity from Lambda, an AI cloud company backed by Nvidia, according to the Wall Street Journal. Some of that capacity will run through Hut 8’s Beacon Point campus in Nueces County, Texas. Nvidia holds the lease on the facility. Lambda will use Nvidia chips there, and Anthropic will buy the resulting computing power.
HUT jumped when the news broke last night, but shares are only marginally higher in pre-market trading this morning. So the market seems cautious.
Hut 8 had already disclosed two 15-year leases at Beacon Point covering 704 megawatts of IT capacity. It did not name the tenant. The leases carry $19.6 billion of contracted value over their initial terms. The site spans 525 acres, with access to up to 1 gigawatt of power and an existing grid connection.
CoinDesk has asked Hut 8 to confirm how much of the 704 megawatts is tied to Lambda and Anthropic, and whether Nvidia is the previously undisclosed tenant behind both leases.
Why bitcoin miners keep appearing in AI deals
AI companies need enormous amounts of electricity. Getting hundreds of megawatts connected to the grid from scratch can take years. Bitcoin miners already operate large sites built around cheap power and existing grid connections. That is exactly the kind of infrastructure AI developers are scrambling to secure.
Public miners like Hut 8, TeraWulf, IREN and Bitdeer spent years securing power and building data centers for bitcoin mining. As CoinDesk reported in March, public miners had already signed more than $70 billion of AI and high-performance computing contracts as weak bitcoin-mining economics pushed capital toward data centers.
The deals keep coming. TeraWulf signed a long-term agreement in July to provide Anthropic with about 401 megawatts at a former industrial site in Kentucky, and is converting parts of its Lake Mariner mining campus in New York. Bitdeer signed a 16-year agreement worth about $4.7 billion to lease 121 megawatts of its Tydal campus in Norway for Nvidia-powered computing, while still mining 1,190 bitcoin in July. Microsoft signed a five-year deal worth about $9.7 billion last year for AI capacity from IREN’s Texas data centers, using roughly 200 megawatts. IREN’s AI cloud revenue reached $70.5 million last quarter while its mining revenue fell.
What it means for Hut 8
Hut 8 reported quarterly revenue of $74.93 million in June, up 81% on the year. Its two Beacon Point leases cover 704 megawatts and carry $19.6 billion in contracted value over their initial 15-year terms. The campus is expected to generate an average of $1.31 billion in annual operating income once fully operational.
Whether all of that value ends up tied to Anthropic remains unclear. But the direction is obvious. Bitcoin miners are becoming key suppliers of power and infrastructure for the AI boom.
