Hut 8 turns Bitcoin mining power into Anthropic AI data centers
The Canadian miner is turning part of its power footprint into hyperscale AI compute, backed by Anthropic, Fluidstack, and a Google guarantee.
Bitcoin miner Hut 8 just signed one of the biggest “miners to AI” deals so far – a multi-phase data center buildout with Anthropic and infrastructure firm Fluidstack, backed by Google. The company is effectively turning part of its power footprint into hyperscale AI compute instead of only hashing for Bitcoin.
Hut 8 announced that it will develop at least 245 MW of AI data center capacity in the U.S., with options that could take the total up to roughly 2.3 GW across multiple phases. The first leg is at the River Bend campus in Louisiana, where Hut 8 plans to build 245 MW of IT capacity supported by around 330 MW of utility power.
The structure matters as much as the headline numbers. Anthropic secures a large, power-first footprint for future model training, while Hut 8 can monetize its energy sites with AI workloads rather than relying purely on block rewards and fees. Google is providing a financial backstop on the lease, giving lenders more comfort that the long-term obligations will be met.
Management framed the deal as a response to the power bottlenecks facing frontier AI. CEO Asher Genoot said Hut 8’s “power-first, innovation-driven development model” lets the company originate and stand up new data center sites at the speed model developers need. Fluidstack is responsible for designing, deploying, and operating the AI infrastructure.
Markets liked the pivot. HUT shares jumped around 25% after the announcement, reversing part of the drawdown that followed Bitcoin’s recent pullback. Analysts at Citizens still see upside, keeping an outperform rating and a $65 target even after the move.
This is part of a wider pattern: listed miners looking to balance Bitcoin exposure with AI and HPC revenue. The open question is how far they can go down the AI route before they stop being “miners who run some AI,” and start becoming “AI data center companies that still mine Bitcoin on the side.”
More from the Mining desk
Open desk →Russia’s central bank starts treating Bitcoin mining like an export channel
Russia’s central bank governor is now saying mining may be supporting the ruble — a sharp tone shift after years of anti-crypto rhetoric. If policy follows the rhetoric, the next step is “licensed rails” (banks) rather than bans.
How Bitcoin mining quietly became FX infrastructure for Russia and Paraguay
Russia’s central bank now admits mining is one factor propping up the ruble. In Paraguay, hydro-backed miners are turning surplus power into hard-currency flows. Bitcoin hash is starting to look like foreign-exchange infrastructure.
How Libya’s almost-free power turned into a Bitcoin mining headache
Ultra-cheap, subsidized power and weak institutions quietly turned Libya into a covert mining hub. Now the same grid is straining under the load, and prosecutors are jailing operators as power thieves.