According to a single media source, in early September 2026, Anthropic signed a power procurement agreement with AI cloud service provider Lambda, supported by Nvidia, with a nominal scale of about $35 billion. This is a long-term procurement plan spanning several years to secure core training resources, rather than a one-off transaction. The specific execution terms and payment schedule have not yet been publicly disclosed, and the overall information confidence level can only be regarded as moderate. Public information indicates that part of the planned computing power will come from Hut 8's Beacon Point facility in Nueces County, Texas—a mining company that started with Bitcoin mining, possessing large-scale power access and data center infrastructure, and is beginning to shift its "power + data center" asset structure to provide AI computing power services, attempting to disengage from the traditional mining model reliant on block rewards decline and income increasingly affected by price fluctuations. During the same time window, public market data showed Bitcoin price briefly fell below $78,000, reporting approximately $77,998, with a 24-hour drop of about 0.48%. As the market sentiment turned cautious amid high-level fluctuations, with prices retreating from their peak while established mining companies' data centers were being integrated into multi-billion dollar AI deals, this fundamental shift and price sentiment misalignment constituted the real backdrop for Hut 8's recent transition.

$35 Billion AI Deal Ignites Power Competition

According to a single media source, this long-term power procurement agreement worth about $35 billion is essentially Anthropic's preemptive move against a future of potential power shortages. The demand for large model training and inference is expected to surge in the mid-2020s. What is truly scarce is not the cloud service brands, but the high-performance GPUs plugged into those racks behind them. The company that locks in contracts for the chips, power, and data center capacity that can be used in the coming years will have the flexibility to "spend money on experiments" in the next round of model iterations. By choosing to secure a long-term plan of up to $35 billion without disclosing specific execution timelines, payment structures, and delivery volumes, Anthropic's decision reflects both a judgment about the anticipated tight supply and rising prices of computing power and a passive follow-up to its peers who are signing multi-year, multi-billion dollar agreements—failure to act could result in a shortage in the next competition.

For the industry chain, Lambda's identity is equally crucial: it is an AI cloud service provider supported by Nvidia, which means this big deal is not only a moat for an AI company but is further pushing the industry's lifeline towards Nvidia. According to a single source, the continued increase in this concentration will further centralize the bargaining power and discourse of upstream GPUs in the hands of a few suppliers, forcing all aspiring large model players to compete for similar long-term contracts. In such an arms race structure, $35 billion is no longer just a number but a position statement inscribed in balance sheets: either place bets now on computing power available in the coming years or risk being left far behind by competitors who have already signed contracts worth tens or even hundreds of billions in computing power agreements during the next model upgrade.

Hut 8 Transitions to AI Computing Power Leasing

For Hut 8, the Beacon Point facility in Nueces County, Texas was originally just an "electricity black hole" dedicated to Bitcoin mining: large-scale electricity access, ready data centers, and cooling facilities, with the core task of converting electricity into computing power and then transforming that computing power into block rewards on the blockchain. However, after several rounds of Bitcoin halving, block rewards have consistently declined, and profitability has increasingly depended on the emotional fluctuations of coin prices. In early September 2026, public market data showed Bitcoin price briefly fell below $78,000; even with a 24-hour decline of about 0.48%, such high-level fluctuations were enough for companies living solely off single mining cash flows to realize that relying on a single business was tying the entire company to the short-term ups and downs of price curves.

According to a single source, Hut 8 chose to split this line in half: one half continues mining while the other half connects the same set of power and data center infrastructures to AI cloud service providers like Lambda, providing AI computing power leasing services to clients like Anthropic. Beacon Point is no longer just a "mining farm," but is packaged as an infrastructure node connected to long-term power procurement agreements, and Hut 8 has transitioned from a pure mining company to a hybrid model with revenue streams from both mining and AI computing power. For any mining company whose profit margins have been compressed due to halving, this model is tempting as it allows the company to hedge against the uncertainties of Bitcoin prices and block rewards with signed AI computing power orders; once the market enters a prolonged sideways trend or even a correction, AI leasing income becomes an alternative revenue stream for sustaining valuation. Other mining companies are also exploring upgrading their facilities to data centers to meet similar AI computing demands, but whether anyone can rewrite the "mining logic" into "data center logic" like Hut 8 and gain capital market recognition for this replicable new valuation story will still depend on the continuity of subsequent orders, project execution capabilities, and whether mining companies are genuinely willing to abandon the singular mining narrative.

Texas Beacon Point Power Frontline

Following the "second revenue curve," the story finds its place on a piece of land in Nueces County, Texas—Beacon Point. For Hut 8, which started in mining, this is not merely a new facility, but a showcase of its attempt to translate the "mining field" into a "computing power frontline." According to a single media source, part of the computing power planned in this approximately $35 billion, multi-year procurement agreement signed by Anthropic and Lambda is expected to come from facilities like Beacon Point. Hut 8 is like a veteran pulled to the frontline, rearranging the power connections and data center infrastructures designed for Bitcoin into server arrays suitable for large model training and inference.

The choice of Texas is not coincidental. Texas is known for its relatively abundant electricity resources and competitive electricity prices in the U.S., leading a large number of Bitcoin mining and data center companies to cluster here, essentially to seize a power hub capable of accommodating both mining and AI computing demands: during high grid loads, they can power down to allow electricity to flow; during price lulls, they can operate at full capacity, extracting as much computing power output as possible from every kilowatt-hour. Beacon Point is strategically positioned in Hut 8's North American electricity-rich area, symbolizing its ambition to advance further along the "power-computing power-revenue" chain. However, as of now, public information has not disclosed the specific power capacity, GPU numbers, or construction progress of Beacon Point, and it is still unclear whether Hut 8 and Lambda's relationship is leasing, hosting, or a more complex collaboration model, meaning that beyond the capital story, this Texas frontline also remains an information blank area. Whether it transforms into stable cash flows or remains at the conceptual and expectation management level is still uncertain, requiring time and disclosures to verify.

Bitcoin Price Correction and Diverging AI Benefits for Mining Companies

Just as the approximately $35 billion long-term power agreement between Anthropic and Lambda was reported by a single source, public market data showed Bitcoin price briefly dipped below $78,000, reporting approximately $77,998, with a 24-hour decline of about 0.48%. A cautious sentiment began to spread amid high-level fluctuations. In the past, mining companies were viewed almost as high-leverage "Bitcoin derivatives"—once the price of Bitcoin climbed, mining income and market value would scale up by an order of magnitude; however, if Bitcoin prices corrected, the cash flow previously projected in their models would collapse as well. Now, as companies like Hut 8 split power and data center operations into two distinct tracks, one continuing to bet on on-chain block production and the other locking in multi-year orders through AI computing power leasing, the valuation anchor of mining companies has been artificially torn from a "single coin price" into two halves: "coin price + contract load."

This means that even if BTC encounters a short-term correction like a 0.48% drop, traditional mining returns will indeed be compressed, but the newly added AI computing income is not directly linked to coin prices during the contract period. The capital market must begin to differentiate when pricing mining companies: part of the business is a high-beta operation sensitive to market fluctuations, while another part appears to resemble the long-term cash flow of infrastructure operations. Because the briefing did not disclose the specific triggers for Bitcoin's price drop at that time, simply understanding this correction as a simultaneous deterioration of mining companies' fundamentals is not rigorous; what truly needs reassessing is how mining companies' risks and growth potential will be redefined in light of more diversified revenue sources.

The Next Step from Mining Farm to Computing Power Supermarket

According to a single source, Hut 8, by participating in Anthropic and Lambda's approximately $35 billion long-term power procurement plan, has for the first time clearly bound a traditional "mining factory" like Beacon Point in Texas to long-term orders from top AI clients. This step is effectively a declaration moving from a single mining facility toward a "computing power supermarket." For the entire mining industry, the significance lies not only in the addition of another revenue line but also in integrating the management of power and data center infrastructure—which previously depended on coin prices—into the computing power demand curve unleashed by the explosion of large models. As AI computing demand rapidly expands in the mid-2020s, regions like Texas, with comparatively abundant electricity resources and competitive prices, are likely to witness more mining companies attempting to replicate Hut 8's path: continuing Bitcoin mining while simultaneously opening up data center, power distribution, and operation capabilities to AI cloud vendors, layering two business models on the same piece of land. The game between computing power and capital is evolving, and self-discipline at the information level is being brought to the forefront—Blockworks updated its financial disclosure page in September, requiring employees to disclose if they hold over $5,000 in digital assets, NFTs, and crypto-related stocks, serving as a reminder that when media reports (whether regarding the cooperation between Anthropic, Lambda, Hut 8, or this disclosure itself) come from a single source, transparency and conflict of interest management are not just decorations but an essential baseline for understanding this transformation from "mining farms to computing power supermarkets."

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