Bitcoin miner Hut 8 has entered the U.S. artificial intelligence infrastructure market through a long-term partnership with Anthropic and Fluidstack. The collaboration focuses on developing large-scale AI data center capacity and reflects a strategic expansion beyond Bitcoin mining operations.
Bitcoin Miner Firm Secures $7B River Bend AI Lease
In a press release, Bitcoin miner platform announced that it signed a 15-year lease agreement with Fluidstack valued at $7 billion. The lease is for 245 megawatts of IT capacity in the River Bend data center campus in Louisiana. It will be the first AI-focused infrastructure buildout at the site.
It’s a deal that allows room for expansion down the road. In addition, Fluidstack was awarded a right of first offer for an additional 1,000 megawatts of IT capacity. If it grows, it will be contingent on space available at the River Bend campus.
The largest bottleneck to scaling more advanced AI-infrastructure is power availability, Chief Executive Officer of Bitcoin miner Hut 8 Asher Genoot said. The post Hut 8 is already doing both appeared first on Coin Rivet.
The deal allegedly incorporates financial guarantees. Google, a unit of Alphabet Inc., is offering financial backing. This backstop extends to rents and related obligations for the full base term of the lease.
Project Revenue and Expansion Milestones Set for 2027
The lease includes the possible extension of the lease period through three separate five-year renewal options. If all options are exercised, the total potential value of the contract could rise to approximately $17.7 billion.
The Bitcoin Mining company projected financial returns for the project. The company expects $6.9 billion in accumulated net operating income during the base lease period. That would mean average annual yield net operating income of about $454 million.
Construction schedules were reported in conjunction with the development. The first data hall at the River Bend campus will be completed in the Q2 of 2027. The company has written, and plans to plumb, more of its data halls by later that year.
The Bitcoin miner company said that it is using an institutional caliber execution model on the initiative. There are several major companies participating in various aspects of power delivery, financing, engineering and infrastructure constructions. Partners are Entergy, J.P. Morgan, Goldman Sachs, Vertiv and Jacobs.
Following the announcement, shares of Bitcoin miner company Hut 8 stock price jumped 22% in premarket trading. The advance builds on gains of almost 80% this year.
Source: https://coingape.com/news/stocks/bitcoin-news-hut-8-secures-googles-backing-in-7b-deal/
