Hut 8 is transforming its Bitcoin infrastructure into AI machines. Its Beacon Point campus in Texas now has 704 MW of leased capacity with a base contract value of $19.6 billion. Behind the setup appear two giants: Nvidia holds the lease for the site, while Anthropic has just signed a 35 billion contract with Lambda to use part of this power.
In brief
- Hut 8 leased 704 MW at Beacon Point for $19.6 billion over fifteen years.
- Anthropic also signs a 35 billion cloud contract with Lambda.
- Nvidia would hold the campus lease and provide the chips used for AI.
Bitcoin gives Hut 8 an unexpected advantage
Hut 8 comes from bitcoin mining. This history leaves it today with something highly sought after by AI companies: electricity, land and connections already available. In May, the company signed an initial $9.8 billion IA contract for 352 MW at Beacon Point in Nueces County, Texas.
Duration: fifteen years. On July 20, Hut 8 adds exactly 352 MW with the same tenant. The campus therefore reaches 704 MW under contract. Cumulative base value: $19.6 billion. With all the renewal options, Hut 8 estimates that Beacon Point could generate up to $50.2 billion.
The site covers 525 acres and has potential access to 1 GW of electricity. Hut 8 has never officially released the name of its tenant. Several media now identify Nvidia. The former BTC specialist is therefore building the infrastructure. Nvidia would occupy the site. And other companies come to buy the computing power.
Anthropic arrives with a 35 billion contract
Anthropic did not directly ink its $35 billion deal with Hut 8. The company behind Claude made the deal with Nvidia-backed cloud provider Lambda. Part of the capacity used by Lambda must come from Beacon Point.
Reuters estimates the portion intended for Anthropic at around 350 MW. Almost exactly half of the campus currently leased. Lambda will install the necessary equipment. Nvidia must supply the chips and, according to the information published around the agreement, would also hold the lease for the site.
The assembly therefore becomes quite simple to follow. Hut 8 owns and develops the energy infrastructure. Nvidia secures the capacity and supplies the GPUs. Lambda transforms these machines into a cloud service.
Anthropic pays to use this power to train and run its AI models, including Claude and Claude Code. The Bitcoin sector is already well aware of this movement. Miners have now reportedly signed around $150 billion in AI-related contracts, covering over 7.5 GW of capacity. Electricity formerly reserved for hash is now of interest to AI laboratories. Hut 8 has just found a big customer for its own.
Bitcoin miners are gradually changing jobs
Hut 8 is no longer an isolated case. Riot Platforms has also just leased 191 MW of its Rockdale Texas campus as part of a $9.1 billion contract over twenty years. Again, the identified client is Anthropic.
IREN, TeraWulf, Core Scientific and Cipher Mining also follow the data center market. The reason doesn’t require much explanation. Building a new AI data center can take several years just to get enough electricity and a grid connection.
Bitcoin miners already have these assets. Beacon Point perfectly illustrates this new value. 704 MW leased. $19.6 billion over the initial term. A 35 billion Anthropic-Lambda contract which must use part of the campus.
And Nvidia in the middle of the assembly. Bitcoin remains in the history of Hut 8. But the electricity which was used to mine BTC is now also worth billions to power Claude. The same transition is already affecting other players in the sector, as shown by this mega-deal between Bitcoin miner Riot and Anthropic.
Maximize your Tremplin.io experience with our ‘Read to Earn’ program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
