Hut 8 buys two Texas sites from Poolin for $140 million

Work, take pains: this is the fund that is least lacking. Poolin's two Texas sites were priced at $52 million. Hut 8 takes them for 140 million, almost three times more. The result appears in a document filed on September 23, 2026 in the bankruptcy of the former Chinese mining giant.

Above all, Hut 8 gets its hands on access to the Texas electricity network, which has become the most coveted resource for artificial intelligence.

Hut 8 and Poolin: behind the scenes of a 140 million auction

Hut 8's offer, $140 million in cash and other consideration, is for the Pyote and Tarbush campuses in West Texas. The starting offers came from Thor CALAP, with $15 million for Pyote and $37 million for Tarbush. Other candidates have come forward, reports The Block. DigiPower

Nothing has been signed yet. The New Jersey bankruptcy court must validate the sale during a hearing set for September 29. Poolin filed for Chapter 11 protection in July with about $173 million in debt. Nearly 164 million are owed to Poolin Wallet users, blocked since withdrawals were frozen in 2022.

AI data centers: an electrified site is worth more than a mine

The price is explained by the shortage of connections. In Texas, data centers represent 87% of the queue of large consumers of the network manager ERCOT, or 410 gigawatts of requests. An already connected site allows you to skip years of waiting.

The valuation gap is dizzying. Three fully leased AI centers in Northern Virginia sold for around $27 million per megawatt, compared to less than $3 million for some listed miners' electrified but unleased capacity, according to CoinShares' second-quarter mining report. The same report estimates that a megawatt dedicated to AI generates around $1.5 million in profit per year, compared to $0.5 million for mining.

The conversion is expensive, between 8 and 15 million dollars per megawatt compared to less than a million for a mining farm. The calculation remains favorable when the customer signs a long-term contract. At the end of June, listed miners were even working at a loss, with an average production cost of $75,500 per bitcoin for a price of $58,400.

Hut 8, the former bitcoin miner turned AI promoter

Hut 8 has already made its choice. The company boasts 949 megawatts of contracted AI capacity, worth an estimated $26.6 billion, at its River Bend and Beacon Point campuses. Its project portfolio reaches approximately 8.7 gigawatts. “Everyone wants capacity,” summed up his boss Asher Genoot in August.