Hut 8’s Texas power project is emerging as a major piece of Anthropic’s $35 billion AI computing agreement, highlighting the growing demand for ready-to-use electricity and data-center infrastructure.
The Bitcoin mining company has two 15-year leases at its Beacon Point campus in Texas with a combined contracted value of $19.6 billion. That figure is more than 260 times Hut 8’s latest quarterly revenue.
Hut 8 built its business by developing infrastructure for Bitcoin mining, but its Beacon Point facility in Nueces County is now positioned to support Anthropic’s expanding AI operations.
Anthropic has committed $35 billion to purchase computing capacity from Lambda, an AI cloud company backed by Nvidia, according to a Wall Street Journal report on Monday.
A portion of that capacity will reportedly be hosted at Hut 8’s Beacon Point campus. Nvidia is the leaseholder for the facility, Lambda will operate Nvidia-powered equipment there, and Anthropic will purchase the computing output.
Hut 8’s stock initially rallied after the report but later surrendered most of its gains, leaving shares only modestly higher in premarket trading.
The company had previously revealed two 15-year leases at Beacon Point covering 704 megawatts of IT capacity but did not identify the tenant. The agreements carry $19.6 billion in total contracted value over their initial terms.
The Beacon Point site spans 525 acres and can access as much as 1 gigawatt of electricity. It also has an existing connection to the power grid, giving the project an important advantage as AI companies compete for energy-intensive infrastructure.
CoinDesk has asked Hut 8 to clarify how much of the 704 megawatts is connected to Lambda and Anthropic and whether Nvidia is the previously undisclosed tenant associated with the two leases.
Why Bitcoin Miners Are Moving Into AI
The rapid expansion of artificial intelligence is creating huge demand for electricity and data-center space. Establishing new facilities with hundreds of megawatts of grid capacity can take years, while Bitcoin miners already control sites built around abundant power and existing electrical connections.
That has made mining companies attractive partners for AI infrastructure deals.
Hut 8, TeraWulf, IREN and Bitdeer all spent years acquiring power and developing facilities for Bitcoin mining. As mining economics became less favorable, these companies increasingly shifted their focus toward AI and high-performance computing. CoinDesk reported in March that publicly traded miners had already signed more than $70 billion worth of AI and HPC contracts.
TeraWulf agreed in July to supply Anthropic with about 401 megawatts through a long-term arrangement involving a former industrial site in Kentucky. It is also converting parts of its Lake Mariner mining campus in New York for AI applications.
Bitdeer signed a 16-year agreement worth roughly $4.7 billion in August to lease 121 megawatts at its Tydal campus in Norway for Nvidia-powered computing. The company continued its Bitcoin mining operations alongside the AI expansion, producing 1,190 BTC in July.
Microsoft also agreed last year to a five-year deal worth approximately $9.7 billion for AI capacity from IREN’s Texas facilities. The arrangement uses around 200 megawatts. IREN’s AI cloud revenue reached $70.5 million in its latest quarter, while revenue from Bitcoin mining declined.
Hut 8 reported $74.93 million in quarterly revenue in June, an 81% increase from a year earlier. Its two Beacon Point leases cover 704 megawatts and represent $19.6 billion in contracted value over their initial 15-year terms.
Once fully operational, the Beacon Point campus is expected to deliver average annual operating income of approximately $1.31 billion.
