Bitcoin mining company Hut 8 has signed a $9.8 billion lease for a hyperscale AI data center campus in Nueces County, Texas — a deal that sent its share price to an all-time high and marks a significant strategic pivot toward artificial intelligence infrastructure.
The lease covers the first phase of a sprawling data center complex that was originally designed to power Bitcoin mining operations. It represents Hut 8’s second hyperscale AI campus lease deal, signaling the company’s accelerating shift away from pure-play crypto mining toward the booming AI compute market.
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From Bitcoin Mining to AI Infrastructure
The Nueces County facility’s transformation from a planned Bitcoin mining site to an AI data center campus reflects a broader industry trend. Several publicly traded Bitcoin miners have been repositioning their energy-intensive infrastructure to serve the surging demand for AI compute power, which requires similar large-scale power and cooling capabilities.