Hut 8 Secures $9.8 Billion Texas AI Lease as Bitcoin Miners Pivot to Compute

Hut 8 has signed a second 15-year lease for 352 megawatts of AI capacity at its Beacon Point campus in Texas. The deal doubles the tenant’s commitment and highlights a wider shift by bitcoin miners toward long-term data center contracts.

Hut 8 has secured a $9.8 billion artificial intelligence infrastructure lease at its Beacon Point campus in Nueces County, Texas, fully commercializing the one-gigawatt site.

The triple-net lease includes a 3% annual rent increase. Hut 8 expects it to produce $9.8 billion in cumulative net operating income. That equals an average of about $655 million a year 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, with the company expecting to deliver the first phase two data hall in the second quarter of 2028.

Both Beacon Point leases carry a combined base-term value of $19.6 billion along with five-year renewal options for each lease, which could lift the campus-level value to $50.2 billion.

Hut 8’s wider AI portfolio now totals 949 MW, including 245 MW at River Bend. Its 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.”

The pattern is clear. 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.