The math is changing for publicly traded crypto miners. Hut 8’s latest deal, a second 15-year lease worth $9.8 billion at its Beacon Point campus in Texas, effectively commercializes the entire 1 GW site for AI. That single campus won’t be mining Bitcoin. It will be powering artificial intelligence workloads for a single tenant. The announcement, detailed in the original report, lands alongside IREN’s disclosure of $2.8 billion in new multi-year AI cloud contracts, pushing its year-end 2026 annualized AI cloud revenue target above $4 billion. Together, the two moves represent more than $12 billion in future commitments outside the core business of securing the Bitcoin network.