AI: Anthropic and Nvidia Enter the Realm of a Bitcoin Mining Giant

Hut 8 is transforming its Bitcoin-derived infrastructure into machines for AI. Its Beacon Point campus in Texas now boasts 704 MW of leased capacity with a base contractual value of $19.6 billion. Behind this setup are two giants: Nvidia is believed to hold the lease for the site, while Anthropic has just signed a $35 billion contract with Lambda to utilize part of this power.

In brief

• Hut 8 has leased 704 MW at Beacon Point for $19.6 billion over fifteen years.
• Anthropic concurrently signs a $35 billion cloud contract with Lambda.
• Nvidia is believed to hold the lease for the campus and will provide the chips used for AI.

Bitcoin Gives Hut 8 an Unexpected Advantage

Hut 8 comes from Bitcoin mining. This history now leaves it with something highly sought after by AI companies: electricity, land, and existing connections. In May, the company signed its first AI contract worth $9.8 billion 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 thus reaches 704 MW under contract. Cumulative base value: $19.6 billion. With all 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 named its tenant. Several media outlets now identify Nvidia. The former BTC specialist is thus building the infrastructure. Nvidia would occupy the site. And other companies are coming to purchase the computing power.

Anthropic Arrives with a $35 Billion Contract

Anthropic did not directly sign its $35 billion with Hut 8. The company behind Claude has made the deal with Lambda, a cloud provider backed by Nvidia. Part of the capacity used by Lambda is supposed to come from Beacon Point.

Reuters estimates the portion allocated to Anthropic at around 350 MW. Almost exactly half of the currently leased campus. Lambda will install the necessary equipment. Nvidia is to provide the chips and, according to reports surrounding the agreement, would also hold the lease for the site.

The setup thus becomes quite straightforward to follow. Hut 8 owns and develops the energy infrastructure. Nvidia secures the capacity and provides the GPUs. Lambda transforms these machines into 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 shift. Miners are believed to have signed around $150 billion in AI-related contracts, covering more than 7.5 GW of capacity. The electricity once reserved for hashing is now of interest to AI labs. Hut 8 has just found a big client for its own.

Bitcoin Miners Gradually Change Their Business

Hut 8 is no longer an isolated case. Riot Platforms has also just leased 191 MW from its Texas campus in Rockdale as part of a $9.1 billion contract over twenty years. Again, the identified client is Anthropic.

IREN, TeraWulf, Core Scientific, and Cipher Mining are also following the data center market. The reason does not require much explanation. Building a new AI data center sometimes takes several years just to secure enough electricity and a grid connection.

Bitcoin miners already possess these assets. Beacon Point perfectly illustrates this new value. 704 MW leased. $19.6 billion over the initial term. An Anthropic-Lambda contract of $35 billion that is set to utilize part of the campus.

And Nvidia in the middle of the setup. Bitcoin remains in Hut 8's history. But the electricity that was used to mine BTC is now also worth billions to run Claude. The same transition is already affecting other players in the sector, as shown by this mega-deal between Bitcoin miner Riot and Anthropic.