July 20 (Reuters) - Hut 8, a crypto-mining turned AI data center company, said on Monday it has signed a second 15-year lease worth $9.8 billion with an existing investment-grade customer, fully commercializing its 1-gigawatt Beacon Point campus in Texas.
Shares of the company, which have nearly doubled this year, rose about 5% in premarket trading.
Like several former bitcoin miners, Hut 8 has pivoted toward AI infrastructure, seeking to leverage power ******* ets and data center expertise developed during the cryptocurrency boom to serve AI customers.
Demand for compute infrastructure has accelerated since the launch of generative AI services, prompting technology companies to commit hundreds of billions of dollars toward data centers packed with advanced chips from Nvidia and others.
The rush has shifted competition beyond semiconductors to power, transmission access and construction-ready sites, making electricity availability one of the industry's biggest constraints.
Shares of the company, which have nearly doubled this year, rose about 5% in premarket trading.
Like several former bitcoin miners, Hut 8 has pivoted toward AI infrastructure, seeking to leverage power ******* ets and data center expertise developed during the cryptocurrency boom to serve AI customers.
Demand for compute infrastructure has accelerated since the launch of generative AI services, prompting technology companies to commit hundreds of billions of dollars toward data centers packed with advanced chips from Nvidia and others.
The rush has shifted competition beyond semiconductors to power, transmission access and construction-ready sites, making electricity availability one of the industry's biggest constraints.
2 months ago
