Canada’s Hut 8 (NASDAQ: $HUT ) has announced plans to spend $7 billion U.S. to expand its artificial intelligence (A.I.) data centres.
The expansion is being planned as the Bitcoin (CRYPTO: $BTC ) miner looks to develop future gigawatt scale data centres as it pivots to artificial intelligence (A.I.) workloads.
Management at Hut 8 have made clear that they are seeking new revenue drivers and to diversify beyond the company’s core crypto mining business.
Late last year, Hut 8 announced deals to provide high-performance computing capacity to both Google parent company Alphabet (NASDAQ: $GOOGL ) and A.I. start-up Anthropic.
Hut 8 is developing its River Bend A.I. data centre campus in Louisiana to accommodate the Alphabet and Anthropic contracts.
Now, management says it plans to spend an additional $7 billion U.S. on power contracts, microchips, and infrastructure to further expand its River Bend location to meet current and future demand.
Hut 8 is one of several Bitcoin miners that is shifting into A.I. data centres as the price of the largest cryptocurrency slumps.
HUT stock has risen 309% over the last 12 months to trade at $47.57 U.S. per share.
Bitcoin is currently trading at $67,900 U.S.
