Hut 8 signs $9.8 billion AI data center lease agreement, IREN secures $2.8 billion cloud services contract
2026-07-20 17:29
Odaily Bitcoin mining stocks rose in early trading on Monday, with IREN, Cipher Digital, CleanSpark, Hut 8, and MARA Holdings all gaining at least 11%. The rally followed Hut 8's announcement of a 15-year, $9.8 billion AI data center campus lease agreement and IREN's disclosure of a $2.8 billion cloud services contract signed with an AI developer.
Both Hut 8 and IREN started with Bitcoin mining operations, before accelerating their shift towards AI infrastructure and cloud computing amid weakening mining economics. IREN expects its annual recurring revenue from AI cloud services to exceed $4 billion by the end of 2026.
The TEM AI Infrastructure Growth Index, which tracks 20 companies in the Bitcoin mining, neocloud, and AI infrastructure sectors, rose 1.4% on Monday and has gained over 12% in the past week. Blocksbridge Consulting estimates the industry still requires approximately $50 billion in funding to achieve its AI-related plans, with IREN facing a funding gap of around $21.1 billion.
Both Hut 8 and IREN started with Bitcoin mining operations, before accelerating their shift towards AI infrastructure and cloud computing amid weakening mining economics. IREN expects its annual recurring revenue from AI cloud services to exceed $4 billion by the end of 2026.
The TEM AI Infrastructure Growth Index, which tracks 20 companies in the Bitcoin mining, neocloud, and AI infrastructure sectors, rose 1.4% on Monday and has gained over 12% in the past week. Blocksbridge Consulting estimates the industry still requires approximately $50 billion in funding to achieve its AI-related plans, with IREN facing a funding gap of around $21.1 billion.
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