Hut 8 originally built its reputation by establishing infrastructure for bitcoin mining, and a property currently being developed in Texas will now supply energy for artificial intelligence leader Anthropic’s newest computing arrangement.
As reported late Monday by the Wall Street Journal, Anthropic has committed to spending $35 billion to acquire processing power from Lambda, an AI cloud enterprise backed by Nvidia.
A portion of that computing capacity will operate via Hut 8’s Beacon Point facility situated in Nueces County, Texas. NVIDIA maintains the lease for this property, Lambda will run NVIDIA hardware there, and Anthropic will purchase the resulting data processing output.
HUT stock initially spiked following the release of the news yesterday evening, although equities are presently showing only slight gains in pre-market transactions.
Previously, Hut 8 revealed two 15-year rental agreements at Beacon Point encompassing 704 megawatts of IT output, though the identity of the renter was withheld. Across their baseline durations, these leases possess a committed financial worth of $19.6 billion.
Encompassing 525 acres, the property features a pre-existing electrical grid integration alongside capacity reaching up to 1 gigawatt.
CoinDesk reached out to Hut 8 to verify the precise share of Beacon Point’s 704 megawatts of rented capacity linked to Lambda and Anthropic, as well as to clarify if Nvidia serves as the previously undisclosed lessee behind both agreements.
Why bitcoin miners keep appearing in AI deals
Artificial intelligence corporations demand massive volumes of electricity, and building connections for hundreds of megawatts directly to the grid from the ground up can require years. Conversely, bitcoin miners already manage extensive facilities designed around inexpensive energy and current grid links—representing the exact type of hardware AI developers are racing to acquire.
Firms including Hut 8, TeraWulf, IREN, and Bitdeer spent multiple years procuring energy and constructing data facilities intended for bitcoin extraction. As CoinDesk outlined in March, publicly traded mining corporations had already committed to surpassing $70 billion worth of artificial intelligence and high-performance computing contracts as declining profit margins in cryptocurrency mining shifted investments toward data center operations.
In July, TeraWulf finalized a long-term contract to supply Anthropic with roughly 401 megawatts at an older industrial location in Kentucky while simultaneously converting sections of its Lake Mariner crypto-mining site located in New York. Later in August, Bitdeer secured a 16-year arrangement valued at roughly $4.7 billion to rent out 121 megawatts from its Tydal campus in Norway for hardware powered by Nvidia, all while extracting 1,190 bitcoin during the month of July.
In the previous year, Microsoft secured a five-year agreement valued at roughly $9.7 billion to obtain artificial intelligence output from IREN’s data facilities in Texas, consuming roughly 200 megawatts. Consequently, the firm’s AI cloud revenues climbed to $70.5 million during the preceding quarter as cryptocurrency mining income declined.
During June, Hut 8 published quarterly earnings of $74.93 million, representing an 81% year-over-year increase. The firm’s pair of Beacon Point agreements encompass 704 megawatts and hold a contracted worth of $19.6 billion throughout their initial 15-year spans, with the facility projected to yield an average annual operating revenue of $1.31 billion once it achieves full operational status.
Originally published at https://www.coindesk.com/tech/2026/09/01/hut-8-s-texas-power-site-sits-inside-anthropic-s-usd35-billion-ai-deal.
