Hut 8 Signs 352MW Lease with Unnamed Hyperscaler at Texas Data Center Campus

Hut 8 Corp., a prominent Bitcoin mining and digital infrastructure company, has signed a 352-megawatt lease agreement with an unnamed hyperscaler at its data center campus in Texas. The deal marks one of the largest single-tenant leases in the company’s history and underscores the accelerating demand for large-scale power capacity among cloud and AI service providers.

The lease covers a portion of Hut 8’s existing site in the Lone Star State, which was originally developed for cryptocurrency mining operations. As the company pivots toward high-performance computing (HPC) and AI workloads, it has been actively repurposing its energy assets to meet the needs of hyperscale customers. The 352MW capacity will support the tenant’s expanding compute infrastructure, with Hut 8 providing the land, power infrastructure, and shell space for the facility.

While the identity of the hyperscaler was not disclosed, industry observers note that such large-scale leases are typical of major cloud providers like Amazon Web Services, Microsoft Azure, or Google Cloud, all of which are aggressively securing power capacity across the U.S. to support AI training and inference workloads. Texas, with its robust power grid, favorable tax environment, and access to renewable energy, has become a prime location for hyperscale data center development.

Hut 8 CEO Asher Genoot stated that the agreement reflects the company’s strategic shift from Bitcoin mining to digital infrastructure for AI and cloud computing. “This lease validates our thesis that energy infrastructure built for crypto can be repurposed to serve hyperscale customers,” Genoot said. “We are seeing unprecedented demand from cloud and AI companies for large blocks of power, and Texas is at the center of that growth.”

The deal also highlights the growing trend of crypto mining firms entering the data center real estate market. By leveraging existing power purchase agreements, substations, and land, companies like Hut 8 can offer hyperscalers a faster path to capacity compared to greenfield development. Analysts estimate that the total data center capacity under development by former or current crypto miners now exceeds several gigawatts across North America.

Construction on the Texas facility is expected to begin later this year, with the hyperscaler tenant taking occupancy in phases through 2027. Financial terms of the lease were not disclosed, but similar agreements in the region typically run for 10 to 15 years, with rental rates tied to power delivery costs.