Hut 8 Corp. has taken a significant step in its transformation from a bitcoin mining operation to a provider of artificial intelligence infrastructure, signing a 15-year, $9.8 billion lease agreement for the first phase of its Beacon Point AI data center campus in Nueces County, Texas. The deal, which covers 352 megawatts of IT capacity, was secured with a high-investment-grade tenant whose identity has not been disclosed. The agreement is structured as a triple-net lease, meaning the tenant covers rent along with taxes, insurance, and maintenance, and operates on a take-or-pay basis, guaranteeing payment regardless of whether the full capacity is utilized. With renewal options, the total potential value of the deal could reach approximately $25.1 billion.
Hut 8 Secures $9.8B AI Data Center Lease, Shifts Focus from Bitcoin Mining
Hut 8 Corp. inked a 15-year, $9.8 billion lease for 352 MW of AI data-center capacity at its Beacon Point campus, advancing its pivot from bitcoin mining to AI infrastructure.
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