Hut 8 signed a $9.8 billion, 15-year lease for 352 megawatts of AI infrastructure at its Beacon Point campus in Nueces County, Texas. The agreement doubles the same tenant's footprint to 704 MW and fully commercializes the one-gigawatt site. Bitcoin miners are shifting power assets toward long-term AI data center contracts, with Cleanspark securing a $6.6 billion lease for 175 MW in Georgia, TeraWulf signing a $19 billion deal for 401 MW in Kentucky, and MARA acquiring a Texas site for up to 2 GW by 2028.
Hut 8 Expands Beacon Point AI Capacity to 704 MW
The 15-year agreement covers 352 MW of IT capacity with an unnamed, high-investment-grade tenant that leased the first phase. The triple-net lease includes a 3% annual rent increase and is expected to produce $9.8 billion in cumulative net operating income, averaging about $655 million annually after stabilization.
Hut 8 will build a second 352 MW AI factory based on NVIDIA's DSX reference architecture. The new phase will use 500 MW of utility capacity. The company targets Q1 2027 energization and Q2 2028 delivery of the first phase two data hall.
Both Beacon Point leases carry a combined base-term value of $19.6 billion. Five-year renewal options for each lease could lift the campus-level value to $50.2 billion.
Hut 8 AI Portfolio Reaches 949 MW with $26.6 Billion Contracted Value
Hut 8's wider AI portfolio now totals 949 MW, including 245 MW at River Bend. The contracted base-term value has reached $26.6 billion, with expected average annual net operating income above $1.75 billion.
Asher Genoot, CEO of Hut 8, said, "The real test of our power-first approach is what our partners are willing to commit against it. We took this greenfield site from first lease to full commercialization in just months. That speaks to the quality of the sites we originate, the credibility of our delivery, and the long-term orientation of our partnerships."
Bitcoin Miners Convert Power Assets into AI Infrastructure Revenue
The agreement adds Hut 8 to a growing list of bitcoin miners turning access to electricity and land into AI infrastructure revenue. Cleanspark signed a 20-year, $6.6 billion lease for 175 MW at its Sandersville, Georgia, campus. TeraWulf agreed to a 20-year lease with Anthropic worth about $19 billion for a 401 MW project in Kentucky.
MARA agreed to acquire a 1,200-acre Texas site that could provide as much as 2 GW of power by 2028. The campus will support AI, high-performance computing, and bitcoin mining. MARA shares rose more than 13% following the announcement.
Miners increasingly view secured power capacity, rather than mining hardware alone, as their most valuable asset. For Hut 8, the second Beacon Point lease turns that strategy into a long-term, investment-grade revenue stream.
FAQ
What did Hut 8 announce regarding its Beacon Point campus?
Hut 8 signed a $9.8 billion, 15-year lease for 352 MW of AI infrastructure capacity at Beacon Point in Nueces County, Texas, doubling the tenant's footprint to 704 MW and fully commercializing the one-gigawatt site.
Why are bitcoin miners signing AI data center leases?
Bitcoin miners are shifting power assets toward long-term AI infrastructure contracts to monetize secured electricity capacity. Hut 8, Cleanspark, TeraWulf, and MARA have all signed multi-billion-dollar AI leases, viewing power access as a more valuable asset than mining hardware alone.
What is the total contracted value of Hut 8's AI portfolio?
Hut 8's AI portfolio totals 949 MW with a contracted base-term value of $26.6 billion and expected average annual net operating income above $1.75 billion.
