Hut 8 shares jump over 30% on news of $9.8 billion AI data center lease
Key takeaways
- Hut 8 also said the lease structure includes options that could increase total contract value to about $25.1 billion if all renewal terms are exercised.
- The Beacoin Point campus was originally intended for bitcoin BTC$81,531.41 mining but was repositioned for AI infrastructure as demand for high-performance computing capacity accelerated, Hut 8 said.
- More than $70 billion contracts have been signed, and some miners could derive up to 70% of their revenue from AI by the end of 2026
Hut 8 also said the lease structure includes options that could increase total contract value to about $25.1 billion if all renewal terms are exercised.
The Beacoin Point campus was originally intended for bitcoin BTC$81,531.41 mining but was repositioned for AI infrastructure as demand for high-performance computing capacity accelerated, Hut 8 said.
The company’s pivot comes at a time when publicly listed bitcoin miners face increasingly challenging economics as they face losses of approximately $19,000 per coin produced, and are rapidly pivoting toward artificial intelligence and high-performance computing infrastructure. More than $70 billion contracts have been signed, and some miners could derive up to 70% of their revenue from AI by the end of 2026