Bitcoin Mining Giant Makes $9.8 Billion Move: Shares Skyrocket
Bitcoin mining giant Hut 8 has sent both its own shares and the AI-focused mining sector soaring with a massive $9.8 billion lease agreement signed for its data center campus in Texas.
As the artificial intelligence (AI) transformation continues at full speed in the cryptocurrency mining world, Hut 8 (HUT) has taken one of the industry’s largest financial steps to date. The company announced that it has signed a 15-year lease agreement for the second phase of its Beacon Point data center campus in Texas. This move concretely demonstrates how mining companies are not only producing Bitcoin but are also integrating their massive computing power capacities into AI infrastructure.
As part of the deal, Hut 8 will build an additional 352 megawatts (MW) of AI computing capacity based on Nvidia architecture. This new contract, continued with the tenant from the first phase, increases the total contracted capacity to 704 megawatts and enables the full commercialization of the 1-gigawatt (GW) campus. Rising across the vast lands of Texas, this massive facility has become one of the region’s most important technological hubs with its advanced power infrastructure and cooling systems.
AI Momentum in the Mining Sector
Following this strategic move, Hut 8 shares gained 14 percent on Monday, climbing to the $104.51 level. The total contract value of the campus reaching $19.6 billion renewed investor confidence in the technological transformation of mining companies. Located on the plains of Texas, this massive data center pulled other players in the high-performance computing sector along with it.
During this sector-wide rally, IREN surged 15 percent, Cipher Mining (CIFR) 11 percent, and TeraWulf (WULF) 6.4 percent. The mining-focused exchange-traded fund, CoinShares Bitcoin Miners ETF (WGMI), finished the day with a 9.3 percent increase. With Bitcoin (BTC) prices hovering around $64,351, miners diversifying their revenue models with AI was noted as a structural transformation in the market.