Bitcoin Miner Hut 8 Secures $7 Billion Google-Backed AI Data Center Lease
Hut 8 has signed a major lease agreement with Fluidstack for AI data center infrastructure, with Google providing financial backing and payment guarantees.
Bitcoin mining company Hut 8 has entered into a $7 billion lease agreement with AI cloud provider Fluidstack to develop data center infrastructure for artificial intelligence operations, with tech giant Google serving as a financial backstop for the deal.
Google will cover pass-through obligations and lease payments during the base term, while also guaranteeing payments under a separate operations services agreement between Hut 8 and Fluidstack for ongoing data center management. The project financing will utilize loans directly tied to the data center, with major banks expected to fund most construction costs, minimizing Hut 8's upfront capital requirements.
The deal represents the latest example of cryptocurrency mining firms pivoting toward AI infrastructure. Core Scientific announced a $3.5 billion, 12-year lease with CoreWeave in June, expected to generate $290 million annually. Galaxy Digital secured a $1.4 billion loan in August to expand its Helios AI data center in Texas and signed a separate 15-year lease with CoreWeave projected to produce approximately $1 billion in annual revenue.
The trend highlights how crypto-native companies are leveraging their existing power infrastructure and technical expertise to capitalize on surging demand for AI computing resources.
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