Hut 8 Secures $9.8 Billion AI Data Center Lease, Transforming from Bitcoin Mining
Hut 8 has signed a 15-year lease valued at $9.8 billion for its Beacon Point AI data center, marking a shift towards AI infrastructure. The deal aims to capitalize on the growing demand for AI compute, with a total of 949 megawatts of contracted capacity across two campuses.
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Hut 8 has entered into a 15-year lease for its Beacon Point AI data center, valued at $9.8 billion, which will double its capacity at the site to 704 megawatts. The company's total contracted AI data center capacity is now 949 megawatts, supported by an aggregate base-term contract value of approximately $26.6 billion.
The facility is designed for hyperscale AI workloads, with initial energization expected in Q1 2027. Hut 8’s strategic pivot from Bitcoin mining to AI infrastructure reflects a broader industry trend, as former miners like Core Scientific also transition to AI. The lease structure may enhance Hut 8's revenue predictability, shifting market focus from Bitcoin volatility to execution risk in delivering capacity.
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